Initial offerings break hearts and streak of debut gains
It was Thanksgiving Day in the United States, but in Hong Kong there was little to be thankful for on the stock market.
China Minsheng Banking Corp, the biggest local initial public offering of the year, ended the day with a 3.1 per cent drop, breaking the hearts of 284,678 investors.
A Minsheng subscriber - at a minimum entrance fee of HK$4,540 - was left sitting on a paper loss of at least HK$140, which was quite a surprise for a newly listed stock that was 229 times subscribed.
Minsheng ended a streak of 10 consecutive initial public offerings that stayed above water since mainland property firm Mingfa Group (International) debuted with a loss two weeks ago.
Meanwhile, some Asian Citrus Holdings shareholders appear to be heading for much bigger losses.
