HONG KONG: As Hong Kong's stock market prepares for billions of dollars in sales of new shares, global fund managers have a big challenge – competing ...
HONG KONG:
Under IPO rules in Hong Kong – which competes fiercely with New York and London to attract global listings – a deluge of orders from retail investors reduces the portion that fund managers can buy. Retail investors were initially to be allotted 10% of the US$184 million offering, but Hong Kong's"clawback" rule, which kicks in when the retail portion of an IPO is heavily oversubscribed, bumped that up to 50%.
Hong Kong has among the highest retail trading levels in the world, and an OECD study last year estimated that individual investors owned 30% of the market – far above 11% in the United States and 16% in Britain. Hong Kong's high retail demand risks over-valuing companies, such as biotech startups, when they come to market, bankers say.
Ocumension rose 154% on its first day and Peijia Medical, which was 1,184 times oversubscribed, gained 68% on its market debut, Refinitiv data show.
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