Orders open for Hong Kong's first renminbi IPO

Cheung Kong-sponsored Hui Xian Reit is aiming to raise up to $1.7 billion through the IPO, which will offer investors a higher-yielding alternative for their renminbi deposits.
Oriental Plaza in Beijing is about to get listed in Hong Kong through the Hui Xian Reit
Oriental Plaza in Beijing is about to get listed in Hong Kong through the Hui Xian Reit

Nearly 20 years after the first Chinese company listed in Hong Kong in 1993, the local stock exchange is set to make another mark in the history books with its first renminbi-denominated initial public offering.

Hui Xian Real Estate Investment Trust, which is sponsored by Li Ka-shing-controlled Cheung Kong Holdings, will start selling units to both institutional and retail investors today and is scheduled to begin trading in Hong Kong on April 29. It is aiming to raise between Rmb10.48 billion and Rmb11.16 billion $1.6 billion to $1.7 billion.

Hui Xian is ultimately controlled by a Hong Kong company, but its assets are based in...

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