SYDNEY :Tuhu Car's shares opened unchanged from their HK$28 ($3.58) issue price as the Chinese car maintenance firm started trading on the Hong Kong Stock Exchange on Tuesday.The company raised $152 million in its initial public offering by pricing its shares at the low end of the range flagged to investors l
SYDNEY :Tuhu Car's shares opened unchanged from their HK$28 issue price as the Chinese car maintenance firm started trading on the Hong Kong Stock Exchange on Tuesday.
The firm sold 42.44 million shares in the IPO after an adjustment option was exercised to increase the size of the deal from its original 40.61 million shares. It was the first of three IPOs last week to price at the low end of the range, followed by AI startup Beijing Fourth Paradigm and hospital cloud software firm Neusoft Xikang, indicating demand for new share sales remains weak.
Those oversubscription rates are considered low compared to Hong Kong's IPOs which could be more than 1,000 times covered by the city's army of retail investors keen to cash in on quick returns.
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