Offering further evidence that investors are becoming more selective and cautious amid the continuing volatility in global markets, there were mixed results for three equity deals in Hong Kong this week.
China Liansu managed to sail through after pricing its initial public offering at the bottom of an indicated price range that represented a valuation below the industry average. The plastic pipe company's business, which bankers describe as down-to-earth old fashioned, helped attract investor interest to the IPO, sources said. However, World Wide Touch Technology WWTT, a touch-pad maker, scraped its planned IPO, citing weak market sentiment even though it was in the market at the same time as Liansu.
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