The offering, which was the third Hong Kong IPO this year to give investors exposure to the Chinese consumption story after China Huiyuan Juice and Intime Department Store, had no price sensitivity in the book. It also had a high conversion ratio of 80% to 90% from the roadshow, which left the institutional tranche with a coverage ratio in the double-digits post claw-back, sources say. The claw-back, which saw the retail tranche being increased...
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