SOHO China up 26pc in trading on gray market
Peggy ChanandStephanie Tong
Saturday, October 06, 2007
Mainland commercial property developer SOHO China's shares rose 26.3 percent in the gray market on Friday after an oversubsciption of 169 times in its retail order book.
Kicking off its trading debut on Monday, the Beijing-based developer's international tranche was also significantly oversubscribed.
Excluding the overallotment option, HK$9.863 billion will be raised. The proceeds will be used for financing a property project and possible acquisitions.
SOHO China shares were changing hands in the gray market on Friday at HK$10.48 - 26.3 percent higher than the initial offering price of HK$8.30 - generating transaction volume of HK$98.99 million. The shares once hit a low point of HK$9.70, still 16.9 percent higher than the initial offering price.
Meanwhile, mainland down apparel company Bosideng International Holdings (3998), which begins trading next Thursday, was 135 times oversubscribed in its international tranche and 70 times in the retail allotment. Bosideng, also the mainland's largest producer of branded winter jackets, is expected to raise HK$6.52 billion after pricing its IPO at HK$3.28 per share - the top of the indicated range.
Another player, Dah Chong Hong, the trading and distribution arm of conglomerate CITIC Pacific (0267), will be listed on October 17. On Friday, day two of its retail offering, the motor vehicle distributor was believed to have snapped up HK$14 billion worth of margin orders from retail investors, translating to about 18 times more than the retail allotment.
China Railway Engineering, a state- owned railway builder, will also join the listing frenzy on the Hong Kong bourse. The Beijing-headquartered railway builder plans to raise US$1.5 billion (HK$11.7 billion) to US$2 billion through A- and H-share offerings, market sources said.
The company will offer A shares first, followed by H shares less than a month later. The deal, arranged by ABN Amro Rothschild, BOCI, JPMorgan and UBS, is expected to come in November or early December.
Also planning a listing by the end of this year, mainland department store operator PCD Stores, formerly Printemps, will seek about HK$3.9 billion, a market source said. PCD Stores, which targets mid- to high-end customers, has submitted an application to the Hong Kong stock exchange for the proposed listing, with Credit Suisse arranging the deal. 
Peggy ChanandStephanie Tong
Saturday, October 06, 2007
Mainland commercial property developer SOHO China's shares rose 26.3 percent in the gray market on Friday after an oversubsciption of 169 times in its retail order book.
Kicking off its trading debut on Monday, the Beijing-based developer's international tranche was also significantly oversubscribed.
Excluding the overallotment option, HK$9.863 billion will be raised. The proceeds will be used for financing a property project and possible acquisitions.
SOHO China shares were changing hands in the gray market on Friday at HK$10.48 - 26.3 percent higher than the initial offering price of HK$8.30 - generating transaction volume of HK$98.99 million. The shares once hit a low point of HK$9.70, still 16.9 percent higher than the initial offering price.
Meanwhile, mainland down apparel company Bosideng International Holdings (3998), which begins trading next Thursday, was 135 times oversubscribed in its international tranche and 70 times in the retail allotment. Bosideng, also the mainland's largest producer of branded winter jackets, is expected to raise HK$6.52 billion after pricing its IPO at HK$3.28 per share - the top of the indicated range.
Another player, Dah Chong Hong, the trading and distribution arm of conglomerate CITIC Pacific (0267), will be listed on October 17. On Friday, day two of its retail offering, the motor vehicle distributor was believed to have snapped up HK$14 billion worth of margin orders from retail investors, translating to about 18 times more than the retail allotment.
China Railway Engineering, a state- owned railway builder, will also join the listing frenzy on the Hong Kong bourse. The Beijing-headquartered railway builder plans to raise US$1.5 billion (HK$11.7 billion) to US$2 billion through A- and H-share offerings, market sources said.
The company will offer A shares first, followed by H shares less than a month later. The deal, arranged by ABN Amro Rothschild, BOCI, JPMorgan and UBS, is expected to come in November or early December.
Also planning a listing by the end of this year, mainland department store operator PCD Stores, formerly Printemps, will seek about HK$3.9 billion, a market source said. PCD Stores, which targets mid- to high-end customers, has submitted an application to the Hong Kong stock exchange for the proposed listing, with Credit Suisse arranging the deal.
