Zhongsheng Group Holdings, a leading car retailer in China, started its pre-marketing of a Hong Kong initial public offering IPO yesterday. This is after the country's food supplement maker Ruinian International offered a glimmer of hope for Hong Kong's IPO market when its stock price rose on its trading debut.
The auto dealership group, which makes a profit by buying middle-to-high-end cars from global auto manufacturers and sells them to the mass market in China, is offering roughly 25% of the company to the public and is aiming to raise between $800 million and $1 billion, sources familiar with the deal said.
The deal is coming at a time when...
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