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Strategies & Market Trends : Greater China Stocks
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From: pcyhuang7/6/2012 4:25:11 AM
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Yita Coal's Successful IPO in Hongkong

HONG KONG—A Chinese coal miner managed to raise just over US$900 million in Hong Kong's second-largest initial public offering so far this year, though the pricing was at the low end of the indicative range, while a heavy machinery maker staged a modest debut in Shanghai, as new listings by Chinese companies continue to waiver amid volatile markets and the country's slowing economy.

Despite having placed almost half the shares on offer with cornerstone investors who had promised to hold them for six months after listing, Inner Mongolia Yitai Coal Co. priced its IPO at the bottom of the $43-$53 Hong Kong dollars per share indicative range to raise US$903 million. The deal was Hong Kong's second largest this year after Haitong Securities Co.'s 600837.SH +2.85%$1.8 billion IPO in April.

Source: online.wsj.com
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