zhongsheng-tests-hong-kong-ipo-market-with-1-billion-share-sale

Zhongsheng tests Hong Kong IPO market with $1 billion share sale

IPOs are expected to continue despite the bumpy markets, but analysts say listing candidates will need to either reduce their target sizes or offer discounted prices.

Zhongsheng Group Holdings, a leading car retailer in China, started its pre-marketing of a Hong Kong initial public offering IPO yesterday. This is after the country's food supplement maker Ruinian International offered a glimmer of hope for Hong Kong's IPO market when its stock price rose on its trading debut.

The auto dealership group, which makes a profit by buying middle-to-high-end cars from global auto manufacturers and sells them to the mass market in China, is offering roughly 25% of the company to the public and is aiming to raise between $800 million and $1 billion, sources familiar with the deal said.
 
The deal is coming at a time when...

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