Chinese regulators have punished brokers and tightened rules on margin trading. This shouldn't hurt them in the short term but longer term might be different.
Strong retail interest boosts the retail tranche to 40% of the deal, while price sensitive global investors keep the price below the mid-point of the range.
The Hong Kong arm of the Chinese brokerage firm will compete for investor attention with Agriculture Bank of China, which is set to start bookbuilding its H-share tranche tomorrow.