Asia’s equity markets are fast turning into a one-country show, with three huge China IPOs having hit the streets in June alone and no apparent end of new listing candidates from the People’s Republic.
China Shenhua Energy Co, the country’s largest coal producer and so far this year the world’s largest IPO, raised $2.95 billion through CICC, Deutsche Bank and Merrill Lynch. Despite what appeared to be conservative pricing by the lead managers, the share price closed below the offer price when dealings began, a sign of a tricky equity market and concerns about the commodities cycle in China.
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