The developer had earlier slashed its offer price range due to undersubscription. It may transfer the uncovered shares in the retail subscription to the oversubscribed institutional tranche.

Mingfa's retail tranche was only 36.14 percent covered, based on margin financing orders received by five brokerages as of Friday, although the offer price was revised down to HK$2 to HK$2.89 from HK$3.03 to HK$3.79.

It delayed listing by 10 days to November 13 and closes its retail book today.

Futong Technology Development, one of the top three distributors of IBM servers and software in China, is looking to tap the market next month for HK$100 million, sources said.

"Sales in the financial sector contributed over 30 percent of revenue in 2008; telecoms accounted for 10 percent," Futong chairman Chen Jian said in Beijing. The firm posted revenue of HK$2.55 billion last year, up 26.2 percent from 2007.

Separately, Thai papermaker Double A plans to reap up to HK$2 billion in 2010. The firm plans to set up a paper production plant for US$200 million (HK$1.56 billion), which will boost production capacity to 850,000 tonnes from 600,000, senior vice president Thirawit Leetavorn told Sing Tao Daily, sister publication of The Standard.

Double A may be injected with other business from its parent Advance Agro, which made a net profit of about HK$400 million last year.

Meanwhile, US investment banks have been hesitant to take part in Russian aluminum maker UC Rusal's IPO due to chairman Oleg Deripaska's alleged links with organized crime, the Wall Street Journal reported on Saturday.

Deripaska has denied the allegations. Rusal is expected to seek Hong Kong listing approval soon and hopes to raise US$2 billion through a dual listing.