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Li denial fails to hit orders for maker of iPad casings

Grace Cao

Friday, January 25, 2013

Listing candidate PanAsialum Holdings continued to draw new investors yesterday even after Cheung Kong Holdings (0001) denied reports that its chairman Li Ka-shing will subscribe to the shares.

The denial came almost 24 hours after several websites had posted news of Li's possible investment.

"We are checking the information [about Li Ka-shing]," said a public relations firm spokeswoman for PanAsialum.

But another source said Li did place orders on Wednesday. "Anyone can cancel orders before the end of the bookbuilding," he said.

PanAsialum, a Guangdong-based aluminum products maker, is seeking to raise HK$1.35 billion.

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Another tycoon - Regal Hotels International (0078) chairman Lo Yuk-sui - confirmed his subscription through his spokesman but refused to disclose details.

Margin orders for PanAsialum shares hit HK$1.91 billion by yesterday, up 177 percent from Wednesday. The retail tranche is now 13 times oversubscribed.

PanAsialum is a major supplier of iPad aluminum casings to Hon Hai Precision Industry, the largest assembler of Apple products. Apple shares fell 10 percent on Wednesday and a further 10 percent after trading started on Wall Street yesterday, following the company's announcement that it shipped 47.8 million iPhones in the last quarter, below the official forecast of 50 million units.

PanAsialum's retail book shuts on Monday. It starts trading on February 5.

In other action, the retail tranche of Time Watch Investments - a mainland timepiece maker and retailer - was oversubscribed by 94 times as margin orders hit HK$7.69 billion. The firm, aiming to raise up to HK$810 million, opened its retail book yesterday.

Separately, Chinalco Mining Corporation International - the biggest IPO so far this year - is set to price its shares at HK$1.75 each.

That is in the middle of its price range of HK$1.52 and HK$1.91.

The firm is seeking to raise up to HK$3.09 billion and is due to start trading on January 31.


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