Puregold and Tenfu price, but Xiao Nan Guo cancels its IPO

Philippine supermarket chain Puregold raises $172 million after fixing the price at the bottom of the range, while Chinese tea retailer Tenfu prices above the mid-point to raise $161 million.
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Photo: AFP</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP</div>

Investors have shown that they are still happy to invest in consumer retail stocks in Asia, with Puregold Price Club in the Philippines and Tenfu Cayman Holdings in Hong Kong both managing to price their initial public offerings yesterday. Chinese tea retailer Tenfu was even able to fix the price above the mid-point of the range, sending a positive signal to other listing hopefuls in the queue.

The two companies raised a combined $333 million towards their future expansion.

However, investors were less keen on Xiao Nan Guo Restaurants Holdings, a small-cap Chinese restaurant chain, which surprised the market by cancelling its Hong Kong IPO yesterday morning....

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