Application deadline for China Life stock leaves latecomers disappointed
Would-be investors in China Life Insurance's new share offer raced to meet yesterday's deadline for the submission of applications - with some winning and others missing out.
There was no repeat of Monday's queueing at banks for the application forms, just a steady flow of people clutching forms they hoped would turn them into stock exchange winners.
Worried he could miss out on the world's biggest stock offering this year, shipping clerk Lawrence Wong, who earns $7,500 a month, borrowed more than $1 million from his broker to subscribe for the China Life shares, according to Reuters.
'If I didn't borrow the money, I wouldn't be able to secure enough shares,' Mr Wong said. He said that in the unlikely event that he got all of the 300,000 shares he applied for, he needed them to rise 10 per cent on their debut next week to cover interest payments and make a small profit.
'I think the risk is low for these IPOs [initial public offerings]. I'm going for the first-day gains,' Mr Wong said.
Outside a Kwun Tong HSBC branch, staff and security guards directed people to drop forms into one of three boxes at the front door.
