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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