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Sinopec Engineering IPO lures $26b retail demand

Grace Cao

Thursday, May 16, 2013

Sinopec Engineering - the biggest initial public offering so far this year - attracted HK$26 billion in retail subscription.

The float, which was 30 times oversubscribed, is the third most popular IPO this year after Time Watch Investments (2033) and China Galaxy Securities (6881).

The state-owned contractor has also narrowed the price range to HK$10.50-HK$11. It will start trading on May 23.

In other action, Great Eagle Holdings' (0041) trust spin-off Langham Hospitality Investments will open its retail book today for its HK$4.56 billion offering.

Each unit is priced between HK$4.56 and HK$5.36. One board lot of 500 units costs HK$2,707. The trust will yield between 5.73 percent and 6.6 percent.

"We have decided to give a dividend distribution of 7.5 percent of the total issued units in the trust this year," said Great Eagle and LHIL chairman Lo Ka- shui.

About HK$500 million of the IPO proceeds will yield nothing but be used in upgrading the three hotels owned by the trust.

Separately, Mando China Holdings, a South Korean automotive parts maker, is expected to raise up to HK$2.09 billion by selling 243.2 million shares, each priced between HK$6.80 and HK$8.60. The retail book opens on May 20. Mando will start trading on May 31.

Also, Hopewell Hong Kong Properties - a spin-off from Hopewell Holdings (0054) - said it will not use any of the IPO proceeds to repay debt.

All proceeds - about HK$6.4 billion - will be used to fund the development of its Hopewell Centre II in Wan Chai and make possible acquisitions.


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