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Hopu dodges loss on Minsheng IPO

  • Paul Mackintosh
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Hopu Investment Management, cited as a potential cornerstone investor in the Hong Kong IPO of China Minsheng Banking Corp. until days before the latter’s listing, appears to have dodged a bullet.

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Hopu finally decided against committing up to $1 billion on pricing concerns. Minsheng fell some 3.1% during its first day of trading, even with its $3.9 billion offering 150 times oversubscribed, the first PRC bank IPO to in four years to register a fall on listing. Reports that China’s banks would have to raise more capital to satisfy the nation’s banking regulator apparently contributed to the fall. Minsheng sold new shares equal to a 15% stake, in a listing managed by BOC International, China International Capital Corp., Haitong Securities, Macquarie Group and UBS.

 

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