Shanghai Haohai prices IPO

Chinese biomedical producer benefits from a clear primary market and strong secondary market momentum to price IPO at the top of its range.

Chinese biomedical producer Shanghai Haohai priced its Hong Kong initial public offering at the top of its range on Friday, raising HK$2.71 billion $305 million including the greenshoe. The company benefited from a combination of clear primary markets and strong secondary market momentum to achieve a premium valuation.

The 40 million primary share deal has had almost no competition from other Hong Kong IPO's and the secondary markets have remained firm despite speculation that concerns about the Ting Hai effect might become self-fulfilling. According to local lore, the stock market falls every time the TV series Greed of Man is shown in Hong Kong.

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