Four Chinese companies launched initial public offerings (IPOs) in Hong Kong on Monday, aiming to raise as much as HK$14 billion (US$1.8 billion) in total, with strong backing from cornerstone investors countering apparent weakness in the market so far this month.
Automated equipment manufacturer RoboTechnik has the biggest target, planning to raise as much as HK$5.18 billion.
The new entrants are braving a market that shows signs of slowing. After a blistering year so far – Hong Kong listings raised about US$43 billion in the first eight months, according to bourse operator Hong Kong Exchanges and Clearing – only one out of six new listings this month gained ground.
RoboTechnik said on Monday that it was selling shares at up to HK$436, representing a 40 per cent discount on the closing price of its Shenzhen-listed shares on Friday.