Only the strong survive Hong Kong’s tumbling markets. Prospective new listings are a case in point. They are dwindling. Chinese electric vehicle battery maker CALB should survive the cull and come to market regardless.
It takes guts to seek HK$13.6bn ($1.7bn) of fresh equity capital right now. Initial public offering volumes fell more than 91 per cent in the first half. CALB would be one of the biggest listings this year, according to Bloomberg data. Its bankers have taken orders for about 266mn shares at HK$38 and HK$51 per share.
The group’s fast growth and good political connections should help it overcome the reticence of investors.
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