Fail to pay the rent on a self-storage unit and the contents are auctioned off. Not item by item; buyers get to glance through the door then bid on the lot. Hong Kong’s latest initial public offering, of Legend Holdings, is a little like that. The company will sell up to 406m shares, a 17 per cent stake, to raise $2.3bn.

It is not easy to tell whether this is good value. The stake sale implies a maximum capitalisation for the company of $13bn, for a motley assortment of assets. The biggest item in the locker is a 31 per cent stake in publicly traded computer maker Lenovo, with a value of $4.9bn. Besides this, the next easily quantified large asset is Hong Kong listed car rental service CAR, with Legend’s 24 per cent stake valued at $1.2bn.

The contents accounting for the remaining $7bn of implied value are a little more obscure: the offering document, at 850 pages, needs a storage unit of its own. Legend owns parts of businesses that sell (just for example) blueberries, dental services, financial services, property, logistics, retirement homes, chemicals and energy.