Yongda IPO

Yongda relaunches IPO at smaller size, cheaper price

The BMW dealer now aims to raise $215 million and is believed to have secured enough demand to drag the offering across the line, even as Oman Investment Fund pulls out as a cornerstone investor.
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Yongda is China's leading BMW dealer (AFP)
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<div style="text-align: left;"> Yongda is China's leading BMW dealer (AFP) </div>

China Yongda Automobile Services Holdings is back in the market, more than four weeks after pulling its initial public offering in Hong Kong due to a lack of demand and a sharp deterioration in sentiment towards Chinese auto dealers.

Sentiment towards the sector hasn’t really changed, evidenced by the fact that its peers have continued to fall, but similar to other mid-cap Chinese companies that have completed their IPOs during the past few weeks, Yongda is said to have secured sufficient demand pre-launch to ensure that this time the deal will get done.

The price and size of the offering has been cut as well, which...

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