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Saturday 3 October 2009
Glorious Is Fifth Flop in Hong Kong IPO ‘Massacre’
Glorious Property Holdings Ltd., a real estate developer in nine Chinese cities, is the fifth consecutive Hong Kong initial public offering company whose shares fell on debut on the city’s exchange.
Glorious Is Fifth Flop in Hong Kong IPO ‘Massacre’
By Kelvin Wong and Nipa Piboontanasawat 02 October 2009
(Bloomberg) -- Glorious Property Holdings Ltd., a real estate developer in nine Chinese cities, is the fifth consecutive Hong Kong initial public offering company whose shares fell on debut on the city’s exchange.
The stock dropped as much as 20 percent and was trading 15 percent lower at HK$3.76 as of 11:38 a.m. Glorious last week raised HK$9.9 billion ($1.28 billion) in the largest Hong Kong IPO by a Chinese property company in two years.
The developer joins four other companies, including China South City Holdings Ltd., in falling on the first day of trading over the past two weeks. The declines have heightened investors’ concerns that the market’s appetite for offerings is waning.
“It’s a massacre,” Francis Lun, general manager at Hong Kong-based brokerage Fulbright Securities Ltd., said in an interview. “Right now investors have lost all confidence in new shares and I can’t see this changing in the near term.”
Wilmar International Ltd., the world’s biggest palm oil trader, said Sept. 30 it hasn’t decided on the timing of a Hong Kong share sale of its China assets and is monitoring market conditions. Wilmar is delaying the Hong Kong sale to mid-October or later from Oct. 5 initially, FinanceAsia reported on its Web site Sept. 30.
China South City, a developer of logistics centers, tumbled as much as 30 percent on its Hong Kong debut on Sept. 30. China Lilang Ltd., owner of the nation’s biggest men’s clothing brand, dropped as much as 6.9 percent, and Peak Sport Products Co. declined as much as 18 percent on their first days.
Metallurgical Corporation of China Ltd., which helped construct Beijing’s “Bird’s Nest” Olympic stadium, fell as much as 15 percent on debut before closing down 12 percent.
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Glorious Is Fifth Flop in Hong Kong IPO ‘Massacre’
By Kelvin Wong and Nipa Piboontanasawat
02 October 2009
(Bloomberg) -- Glorious Property Holdings Ltd., a real estate developer in nine Chinese cities, is the fifth consecutive Hong Kong initial public offering company whose shares fell on debut on the city’s exchange.
The stock dropped as much as 20 percent and was trading 15 percent lower at HK$3.76 as of 11:38 a.m. Glorious last week raised HK$9.9 billion ($1.28 billion) in the largest Hong Kong IPO by a Chinese property company in two years.
The developer joins four other companies, including China South City Holdings Ltd., in falling on the first day of trading over the past two weeks. The declines have heightened investors’ concerns that the market’s appetite for offerings is waning.
“It’s a massacre,” Francis Lun, general manager at Hong Kong-based brokerage Fulbright Securities Ltd., said in an interview. “Right now investors have lost all confidence in new shares and I can’t see this changing in the near term.”
Wilmar International Ltd., the world’s biggest palm oil trader, said Sept. 30 it hasn’t decided on the timing of a Hong Kong share sale of its China assets and is monitoring market conditions. Wilmar is delaying the Hong Kong sale to mid-October or later from Oct. 5 initially, FinanceAsia reported on its Web site Sept. 30.
China South City, a developer of logistics centers, tumbled as much as 30 percent on its Hong Kong debut on Sept. 30. China Lilang Ltd., owner of the nation’s biggest men’s clothing brand, dropped as much as 6.9 percent, and Peak Sport Products Co. declined as much as 18 percent on their first days.
Metallurgical Corporation of China Ltd., which helped construct Beijing’s “Bird’s Nest” Olympic stadium, fell as much as 15 percent on debut before closing down 12 percent.
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