ZhengTong raises $470 million from Hong Kong IPO

Investors like ZhengTong's growth story, but the deal still prices below the mid-point.

China ZhengTong Auto Services has raised HK$3.65 billion $470 million from a Hong Kong initial public offering after pricing its shares slightly below the mid-point of the indicated range.

The company -- a BMW dealer and leading 4S sale, spare parts, service and survey dealer in China -- kicked off the roadshow on November 22 and fixed the price last Friday. During the two-week bookbuilding, investors became more careful and selective with regard to their investments amid concerns about tensions on the Korean peninsula and weak secondary market performance for some newly listed stocks in Hong Kong.

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