Chinese chemicals company Lumena Resources will become the fourth company of size to list in Hong Kong this year and sources say it seems intent on creating a backdrop supportive enough to allow for a better aftermarket performance than the previous three.
According to sources, Lumena will fix the price of its initial public offering at HK$2 per share, which is well below the mid-point of its indicated range of HK$1.72 to HK$2.56. One source said there was some sensitivity around this level, but added that the total order amount could have supported a higher price -- should the company have chosen to go for that.
Instead, the Sichuan-based company, which is...
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