Investors' enthusiasm for initial public offerings appeared to be unaffected by the Link Reit saga, with Beijing Media Corp's bid to raise up to $904.67 million being oversubscribed more than 420 times. The H-share listing candidate, an advertising arm of state-owned Beijing Youth Daily, is offering 47.74 million shares at $14.95 to $18.95 each. The issue is widely expected to be priced at the high end of the offer range, which will be determined today. The retail tranche making up 10 per cent of the offering has been oversubscribed more than 420 times, largely due to orders from institutional investors. 'We had advised some of our clients to place their orders through the retail IPO because we simply could not take any more orders,' a member of the underwriting syndicate said. 'Because of the clawback mechanism, institutional investors have a better chance of getting shares through the retail tranche.' Owing to strong demand, the underwriting syndicate is obliged to make 50 per cent of the issue available to retail investors, bringing the oversubscription down to about 84 times. Demand for the institutional tranche, which comprises 90 per cent of the issue, was 15 times oversubscribed. The order from South African-listed media firm Naspers, which has agreed to buy a 9.9 per cent stake in Beijing Media, makes up nearly 40 per cent of the entire issue, leaving only 10 per cent to be shared among all institutional investors after the clawback. Meanwhile, Hong Kong Exchanges and Clearing says it is more than able to handle the current market turnover, which hit a record $3.79 trillion for the year so far on Wednesday. Chief executive Paul Chow Man-yiu, at a ceremony to celebrate the passing of the 1997 record annual turnover of $3.78 trillion, said: 'The trading system was upgraded a few years ago so that the current volume represents only about 40 per cent of its maximum handling capacity.' However, the system would be reviewed next year as the exchange planned to narrow the trading spread of 20 stocks which are now trading at more than $30.