Paradise found for China Yongle

Investors love of Chinese consumer plays powers Hong Kong IPO for electronics distributor China Paradise.

China Paradise, also known as China Yongle, priced its 455.8 million share IPO just off the top its indicative range on Saturday October 8 after witnessing strong demand. The institutional order book for the $132 million deal closed 19 times oversubscribed and the retail order book 135 times oversubscribed.

This means the full retail clawback was triggered, taking allocations up from 10% to 50%. Institutions were allocated a further 35% and private banking clients 15%, after submitting orders for roughly $500 million.

Specialists say that almost half the institutional allocation went to the top six accounts in the book, which had an overall geographical split of 40%...

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