HK IPOs fall back to earth

摘要

CHEERWIN CROUP last week became the third company to trade underwater after its HK$3.06bn (US$395m) Hong Kong IPO amid weak market sentiment, forcing issuers to rethink their valuation targets on forthcoming deals. Shares in the Chinese homecare products maker, which is backed by detergent manufacturer Iiby Group, closed down 13% at HKS7.99 on their trading debut on Wednesday after falling as much as 20% at one point, even though the deal had drawn massive demand.