Huatai Securities, a leading brokerage in China, started bookbuilding yesterday with the aim of raising up to Rmb17.26 billion $2.5 billion from an initial public offering IPO in Shanghai, which, if successful, will be the largest new share sale in China so far this year.
The largest deal at the moment is last week's IPO for China First Heavy, which failed to raise the maximum amount sought as new mainland offerings have met with an increasingly tepid response from the market. According to market watchers, this is because issuers are setting fundraising targets that are too ambitious amid the current weak market demand for new shares.
Huatai won't be able to reap its targeted...
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