IPO Meets Cool Response
Source: Agencies |
April 30, 2011, Saturday
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Print Edition
Print Edition
THE first yuan-denominated initial public offering outside the Chinese mainland, seen as a major step in China's efforts to broaden the use of its currency, met a cool response from investors yesterday.
Units in Hui Xian Real Estate Investment Trust were trading in Hong Kong at 4.75 yuan, down 9.4 percent from the offer price of 5.24 yuan, which was at the bottom end of the proposed issue price range. They fell as low as 4.66 yuan at one point.
Hui Xian's sole asset is the Oriental Plaza, a Beijing complex controlled by Li Ka-shing, Asia's richest man.
Units in Hui Xian Real Estate Investment Trust were trading in Hong Kong at 4.75 yuan, down 9.4 percent from the offer price of 5.24 yuan, which was at the bottom end of the proposed issue price range. They fell as low as 4.66 yuan at one point.
Hui Xian's sole asset is the Oriental Plaza, a Beijing complex controlled by Li Ka-shing, Asia's richest man.
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