Sinotruk retail offer pulls in HK$270b

The appetite for the initial public offering of Sinotruk (Hong Kong) has not been affected by the volatility on the Hong Kong stock market.

The firm drew more than HK$270 billion worth of orders - or more than 300 times the shares available - for its retail issue, a source said.

The institutional tranche was more than 30 times oversubscribed.

'The offering is likely to be priced at the top end but it is still subject to discussion with the management,' the source said.

Shandong-based Sinotruk aims to raise HK$9.04 billion by selling 702 million new shares at between HK$10 and HK$12.88 a share. JP Morgan and China International Capital Corp are helping the share sale.