Powerlong Real Estate Holdings on Friday changed its initial public offering into a fixed-price deal and set the new price 17% below the original range. This means it will raise 44% less money than the maximum it was seeking earlier. According to a source, the commercial and residential property developer will give retail investors a chance to cancel their orders in light of this new development.
The company made the move at the end of a week that saw several debutantes on the Hong Kong stock exchange end down on their first day of trading.
Powerlong fixed the price at HK$2.75 per share, said a source close to the deal. This compares...
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