Sinopec flexes its muscles

Hong Kong''s equity markets will provide the bulk of September''s new issuance, with jumbo offerings looming for Chinese Petroleum Corp (Sinopec) and the Mass Transit Railway Corp (MTR).

Initially there had been some concern that the Territory's equity markets would be severely tested by the prospect of two large headline deals competing for investors' attention. Both transactions are scheduled to raise over $2 billion and many bankers were baffled as to why Sinopec would choose to go head to head with the Hong Kong government's benchmark privatization and all the attendant publicity that will surround it.

Yet, despite the fact that Sinopec held its analysts meeting last Sunday and MTR Corp will hold a similar meeting today Friday, the former is now planning to begin roadshows during the last week of September as MTR Corp prices. The blackout period for analysts...

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