The share prices of almost half the Chinese companies listed in Hong Kong this year involving UBS and Bank of America Merrill Lynch fell on their stock market debuts.
Hong Kong is the biggest centre for initial public offerings this year, raising $28bn, and provides lucrative fees for investment banks that secure advisory mandates from mainland groups.
According to research commissioned by the Financial Times, the share prices of five of the 11 Chinese companies that UBS helped list fell on their first day. Four of that five continue to trade below their issue price.
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