Hong Kong listings show market active as tariff turmoil slows other regions
Despite global market volatility fueled by U.S.-China trade tensions, Hong Kong's equity market remains active with two new listings.
Hong Kong's equity markets remain active despite global trade tensions. Two companies are set to launch stock listings. They aim to raise a combined $270 million. Hainan Drinda New Energy Technology seeks up to $234 million. Auntea Jenny, a tea drinks company, plans to raise up to $35 million. These deals proceed even as the Hang Seng Index experiences fluctuations.
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Two stock listings in Hong Kong launching on Monday and seeking to raise up to $270 million are showing that the region's equity markets remain active even as trade tensions between the U.S. and China has slowed offerings elsewhere.The book building for the deals comes as global financial markets have been roiled by the massive tariffs the U.S. and China have placed on each other's trade, threatening the commerce that underpins the growth of the world's two largest economies. Amid the uncertainty, companies are holding back new listings and offerings.Still, some Chinese companies are pressing on amid the turmoil.China's Hainan Drinda New Energy Technology is aiming to raise up to $234 million in a Hong Kong listing, according to regulatory filings on Monday.The Shenzhen-listed firm is selling 64.4 million shares in a price range of HK$20.40 to HK$28.60 ($3.69) each, the filings showed.In that range, Hainan Drinda, a photovoltaic cells developer and producer, will raise $167 million to $234 million.Separately, tea drinks company Auntea Jenny launched its initial public offering in Hong Kong to raise up to $35 million, its filings showed.The company will sell 2.41 million shares in the deal in a price range of HK$95.57 to HK$113.12 each, according to its filings.Hong Kong's Hang Seng Index has fallen 5% so far in April, but is up 9% for the year.($1 = 7.7573 Hong Kong dollars)
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