Chinese pork producer Huisheng set to climb 7 pct in HK debut
HONG KONG Feb 28 (Reuters) - Huisheng International Holdings Ltd was set to jump 7.3 percent in its Hong Kong trading debut on Friday after retail investors flocked to the bite-sized IPO to bet on rising demand for meat products in China.
Huisheng was indicated to open at HK$2.20 compared with an initial public offering price of HK$2.05 per share. The IPO, which raised $31.7 million, priced at the top of a HK$1.45-HK$2.05 per share marketing range.
Robust demand for Huisheng shares bodes well for industry giant WH Group, formerly known as Shuanghui International Holding, which is slated for an up to $6 billion Hong Kong listing in April.
The retail portion for Huisheng's deal generated 2,188 times more orders than the shares on offer, the second-highest ever level of oversubscription in the city after night club operator Magnum Entertainment Group Holdings Ltd's listing in January.