"It’s tempting to think that the Hong Kong IPO market is finally back to good health. Two $1bn+ deals have been completed in the past few days and on Wednesday, one of them shot up on its debut.
But don’t pop the champagne just yet. While the deals got done, they did so with a lot of legwork. And its too early to tell whether they will ultimately offer much reward for investors.
Galaxy Securities – the smaller of the two deals – successfully raised $1.1bn in its Hong Kong listing.The stock rose as much as 10 per cent in its first trading session, which had been delayed by a few hours as a monster thunderstorm hit southern China. It eventually closed higher by 6 per cent, to the relief of both bankers and the retail punters who had helped carry the deal."
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