Shineway prices at top end of the range

Market momentum pushes pricing to top of the range.

The central and northern China-based anti-viral drugs producer ended up pricing at the very top end of the range on Sunday evening, following the end of the book building process on Friday. So positive was investors' reaction that global coordinator, that sole book runner and sponsor Cazenove felt able to squeeze up the bottom end of the range from HK$3.55 to HK$3.70.

The company raised HK$872 million $111.8 million from the sale of 200 million new shares at HK$4.36. This represents 25% of the enlarged share capital, rising to 27.7% if the over-allotment option is exercised.

The institutional book was 11 times oversubscribed,...

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