Chinese mainland jewellery retailer Laopu Gold showed a surprising turn of speed at its IPO launch on Friday - at one point surging 86.7% on its offer price of HK$40.5 in a result that had many heralding the return of Hong Kong’s once stellar IPO market.
According to law firm O’Melveny, which acted as Laopu Gold’s Hong Kong and US counsel, the total offering size was approximately HK$905 million US$116 million after full exercise of the offer size adjustment option.
The firm told Finance Asia that Tencent, China Southern Asset Management and CPE Fund were the cornerstone investors for the IPO, collectively snapping...
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