Shanghai Haohai fixes price range for HK IPO

Chinese small cap hopes to benefit from mainland money pouring into Hong Kong bourse as formal bookbuilding opens for its $250 million to $304.5 million float.

Formal bookbuilding opens on Wednesday for a HK$1.94 billion $250 million to HK$2.36 billion $304.5 million initial public offering by biomedical materials producer Shanghai Haohai.

The IPO was launched on an accelerated schedule one week ago to take advantage of the surge of money entering Hong Kong's stock market following an announcement that Chinese mutual funds will be allowed to participate in the Shanghai-Hong Kong Stock Connect programme. The company and its sole sponsor UBS hope this momentum will continue despite Tuesday's pullback when Hong Kong's main stock indices retreated after eight straight sessions of gains. 

The Hang Seng China Enterprises Index closed down...

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