Attempts by owners of Russian assets to tap cash-rich Chinese investors for much-needed funds through a listing on the Hong Kong Stock Exchange continue to struggle.
Despite an ostensibly positive backdrop, with strong initial investor demand and aftermarket performance by recent share deals in Hong Kong, Russian-related issuers have largely failed to convince potential buyers of the merits of their investment cases.
The latest example is iron ore miner IRC, a subsidiary of London-listed Petropavlovsk, Russia’s third-biggest gold producer.
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