three-hong-kong-ipos-raise-a-combined-14-billion

Three Hong Kong IPOs raise a combined $1.4 billion

Overwhelming demand allows top-end pricing for Kingboard Laminates, China Communications Services and Zhaojin Gold Mining. Several more IPOs due in the coming two weeks.
Three more Hong Kong initial public offerings were priced at the top end of their respective offering ranges on Friday, raising a combined $1.39 billion.

While representing entirely different industries, all the offers attracted hefty demand from both institutional and retail investors who were seemingly not concerned about the 2.9% drop in the Hang Seng Index on Tuesday last week - the worst one-day performance in more than five years. While partly reversed in subsequent days, the drop contributed to the Hong Kong market recording a weekly loss for the first time in nine weeks.

Observers attributed the demand to the large amounts of liquidity in the market, but did note that the rush to...
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