Yuzhou Properties sets IPO price range as Powerlong eases worries of a supply glut
Yuzhou Properties, a developer in China’s Fujian province, set a conservative range of HK$2.70-HK$3.70 a share on Wednesday as it looks to raise up to $285m from a planned initial public offering.
Yuzhou is offering 600m shares worth 25% of its enlarged share capital in a deal that bankers said values the company at 5.2-7.2 times projected full year earnings for 2010.
That is a much lower multiple than targeted by other companies that listed in Hong Kong last month, providing
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