21 Apr '11, 7pm

First offshore yuan IPO draws tepid response

First offshore yuan IPO draws tepid response

HONG KONG: The world's first yuan-denominated IPO outside mainland China has drawn a tepid response from Hong Kong investors, a source told AFP, raising concerns about the keenly-watched market. Billionaire Li Ka-shing's Hui Xian Real Estate Investment Trust (REIT) was priced at the lowest end of the expected range of 5.24-5.58 yuan per share, raising 10.48 billion yuan ($1.61 billion), said a person familiar with the situation, echoing other reports that the share sale had failed to spark huge interest. The response may be a sign that Hong Kong - a semi-autonomous Chinese territory which has been a test bed for Beijing's bid to internationalise the currency - may struggle to become a trading hub for the yuan. The IPO opened for sale in Hong Kong last week, in a landmark deal many hoped would help set the yuan on the path to becoming a global currency, challenging the US d...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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