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Evergrande Property shares edge higher in Hong Kong debut
[HONG KONG] Shares of Evergrande Property Services have opened at HK$8.84 as the stock makes it debut on Wednesday on the Hong Kong Stock Exchange, up 0.45 per cent from the initial public offering (IPO) price.
The company, a unit of China's most indebted property developer China Evergrande Group, last week raised US$1.8 billion, the third-largest IPO in the city this year, after pricing its shares at HK$8.8 each.
The rise in Evergrande Property's shares compares with a 0.3 per cent rise in the broader Hong Kong market on Wednesday. Shares of parent company China Evergrande edged down 0.6 per cent.
Response to Evergrande Property Services' IPO last week was lukewarm with the stock priced towards the lower end of the price range of HK$8.5 to $9.75 each, undermined by concerns about the financial health of its debt-laden parent.