China Galaxy defies doubters with 6x covered $1.1bn IPO
Asia ECM bankers overcame a big hurdle this week as China Galaxy Securities priced its HK$8.3bn ($1.1bn) IPO convincingly, with the first jumbo deal to be completed in Hong Kong this year, landing big oversubscriptions in the institutional and retail tranches. But bankers are not celebrating just yet, recognising that success in the Hong Kong market will still be on a case-by-case basis, while investors remain cautious on China.
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