As Hong Kong's stock market prepares for billions of dollars in sales of new shares, global fund managers have a big challenge - competing with ...
As Hong Kong's stock market prepares for billions of dollars in sales of new shares, global fund managers have a big challenge - competing with the city's army of mom-and-pop investors for a slice of the pie.
This recent competition from individual investors has forced a growing number of funds to become"cornerstone" investors: they get priority before a deal launches but most hold the shares for at least six months. Ocumension shares popped to US$HK37 in early trading from an initial US$HK14.66. It closed on Friday at US$HK29.45.
In Europe, bankers saw an uptick in individual interest in IPOs recently, but most of the retail activity has been in secondary trading and through exchange-traded funds and index trackers. Strong recent listing performances by biotech firms is also helping to lure Hong Kong retail shareholders.
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