China Power: IPO generates overcapacity

Sensible valuation and marketing strategy ensures strong take-up.
October 08, 2004

China Power International Development (CPI) generated an allocation headache for lead manager Merrill Lynch on Friday after all tranches of its HK$2.5 billion ($321 million) IPO closed multiple times oversubscribed. Not since Mengniu Milk's IPO in early June has a HKSE listing by a Chinese company generated such a strong response from investors.

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