GC
No true comps for $144m Beijing Urban Construction IPO
Beijing Urban Construction Design & Development Group launched its HK$1.11bn ($144m) IPO on June 24 — a deal that will present a challenge to investors due to a lack of comparables.
The Beijing-based firm is offering a little more than 337m shares, of which 90.9% are primary. The remainder are provided by the National Council for Social Security Fund (NSSF), which receives state-owned shares equivalent to 10% of the deal for free, in accordance with Chinese privatisation rules.
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