Hong Kong’s first renminbi-denominated IPO has raised an impressive Rmb10.48bn ($1.6bn) – but demand from investors has been unexpectedly lackluster, as the FT reports today. People involved in the offering of Hui Xian have blamed the lower-than-expected demand on recent volatility in global markets amid debt problems in Europe.
But there are several other potential explanations for why one of the most talked-about equity deals of the year hasn’t quite lived up to its hype.
1 – Valuation
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