香港股市

Hong Kong IPOs of Chinese banks underwhelm

The biggest public float this year has made an unimpressive debut in Hong Kong, underlining investor caution towards initial public offerings even though global equity markets have recovered from early-year plunges.

China Zheshang Bank closed unchanged at HK$3.96 yesterday, having dropped as much as 0.8 per cent to HK$3.94. The regional lender raised $1.7bn last week after pricing at the lower end of the marketed range.

Bank of Tianjin, another mainland regional bank, also debuted, and finished the day flat at HK$7.3, after raising $948m — at the lower end of its range.

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