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M&G Chemicals, a subsidiary of Italy’s Mossi Ghisolfi, is facing an uphill battle to complete Hong Kong’s biggest overseas IPO in two years. Two of M&G’s arranging banks have walked away from the deal, while investors are more interested in China Cinda Asset Management’s HK$19bn (US$2.5bn) flotation (see Equities section).
China Cinda Asset Management, the first of China’s so-called “bad banks” to go public, has generated strong early momentum for its proposed Hong Kong IPO of up to HK$19bn (US$2.46bn).
Ping An Insurance moved quickly last week to launch a jumbo convertible bond issue under difficult market conditions, underlining concerns that domestic liquidity might tighten further as the year-end nears.
- Cinda puts price on China's bad debt
- Pork producer to feed IPO market
- UPDATE: Shuanghui Int'l plans up to US$6bn HK IPO in 2014
- Banks lift IPO tone
- Buyers flock to Chinese IPOs
- Back in favour
- Blocks draw strong support