Top Spring raises $200 million, Hilong postpones IPO

Top Spring, a Chinese property developer, prices its shares at the bottom of an indicated range, while Hilong postpones its planned $190 million IPO, blaming market conditions.

Top Spring International Holdings, a Chinese property developer, raised HK$1.56 billion $200 million in a Hong Kong initial public offering after pricing its shares at the bottom of the indicated range.

Meanwhile, Hilong Holding, a leading provider of oilfield equipment and services in China, postponed its planned HK$1.48 billion $190 million Hong Kong IPO, blaming the weak market conditions.

Top Spring’s deal has done well considering the odds stacked against it during the one-week bookbuilding. The roadshow started last Thursday, one day before Japan’s earthquake occurred, which led investors to be cautious with the size of their orders. Also, China’s tightening policies on the...

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