A roughly $300 million GEM listing for the biotech arm of the Cheung Kong empire is already starting to whip up a media frenzy and lead manager Salomon Smith Barney is undoubtedly hoping that retail investors are about to shortly follow suit.
All commentators agree that while the 1.3 billion share deal has the outward appearance of a standard IPO, it is in reality little more than a branding exercise for the Li family name, with a highly subjective valuation and almost no growth forecasts. Few doubt that it will be anything other than a great success.
Cheung Kong group managing director HL Kam will explain the benefits of utilizing yeast in the...
