Yuanda kicks off bookbuilding for $537 million IPO

The Chinese company is the second-largest developer of curtain walls in the world and has completed more than 500 commercial and public building projects in the past three years.
<div class="ArticleImageCaption" style="text-align: left;">
The National Stadium of China, commonly known as the Bird’s Nest, is one of Yuanda’s many projects (AFP)</div>
<div class="ArticleImageCaption" style="text-align: left;"> The National Stadium of China, commonly known as the Bird’s Nest, is one of Yuanda’s many projects (AFP)</div>

On a day when all eyes were on the tightening credit conditions in China and the potential for more interest-rate hikes in the near-term, Yuanda China Holdings stepped forward and kicked off the institutional roadshow for an initial public offering of up to HK$4.17 billion $537 million.

As a developer of curtain walls, which refers to building facades that are non-load bearing and often made of glass, aluminium, granite or other cladding materials, the company is heavily exposed to the construction and property sectors, which tend to suffer when rates edge higher. However, Yuanda focuses primarily on commercial buildings and public facilities, which are much less affected by...

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