Overview
- Shares began trading under code 9927 at HK$128.90 versus a HK$131.50 offer price, then were down 3.7% at HK$126.60 by 10am after an intraday drop of as much as 10.3%.
- The offer was priced at the top of its marketed range and raised HK$14.3 billion from the sale of about 108.6 million shares.
- Overall subscriptions reached 132 times, with the international placement 8.61 times covered.
- Institutional investors took 90% of the deal, while the retail tranche accounted for 10% with about 202,300 valid applications and 57,928 allotments.
- Named cornerstone investors included Schroders, Mirae Asset Securities, Huatai Capital Investment and Sanhua Intelligent Controls.