Another scandal is testing investor confidence in China’s troubled railway industry, but one rail company is nevertheless pushing ahead with a $2.3 billion Shanghai IPO.
Conditions have improved since the Chinese oilfield-equipment maker called off its deal last month, but it has returned to market with a reduced target amount.
Despite an expensive valuation, Far East Horizon's offering attracts strong demand and bankers hope the deal will mark a turning point for Hong Kong’s quiet IPO market.
Top Spring, a Chinese property developer, prices its shares at the bottom of an indicated range, while Hilong postpones its planned $190 million IPO, blaming market conditions.