HK issuers push ahead with IPOs, but deals shrink

Three issuers started pre-marketing jumbo flotations this week, as the Hong Kong IPO market sprang into action after a seven week hiatus. Citic Securities and construction machinery companies Sany and XCMG all started meeting investors this week. But bankers have had to manage issuers’ expectations in light of volatile markets — and some of the deals could be smaller than originally planned.