The first Chinese group to float in Hong Kong since mainland markets slumped has priced shares at the lowest point in its range, implying caution among investors that could affect similarly sizeable listings.
Hong Kong was the world’s biggest listings venue in the first half of this year as China’s markets soared. The subsequent one-third collapse in the Shanghai and Shenzhen stock exchanges has, however, sparked fears that the subdued mood could weigh on the second half of the year, traditionally the busiest.
CICC, the state-backed investment bank, and
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