China Galaxy Securities made its initial public offering on the Stock Exchange of Hong Kong on 22 May, raising about HK$8.3 billion (US$1.07 billion) in what a lead lawyer on the deal described as a positive response from investors.
“The market is rebounding, the general sentiment by the retail investors as well as institutional investors toward IPOs has improved recently,” Tim Wang, a Beijing-based partner at Clifford Chance, told China Business Law Journal.
Still, Wang remained cautious. “Equity markets are so volatile that it is difficult for the issuer and the advisers to make judgment on the timing of an IPO window.”
