Chinese bottled water and beverage company Nongfu Spring completed its US$1.08 billion IPO in Hong Kong on 8 September, becoming the most oversubscribed offering to date on the city’s bourse, after its retail tranche was covered 1,148 times.
Nongfu Spring also became the first company to achieve “full tradability” of H-shares on listing.
The China Securities Regulatory Commission (CSRC) had announced the full tradability system in November last year, which allowed unlisted shares held by mainland Chinese companies to be sold and traded on the Hong Kong Stock Exchange.
“The full tradability of H shares has complemented the shortcoming of the original H-share listings policies, providing more exit options for the domestic shareholders of Hong Kong-listed companies,” said Andrew Ling, a partner at Jing- tian & Gongcheng based in Beijing. “This move will also encourage more domestic enterprises to list in Hong Kong.”
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