The once-irresistible appeal of the Hong Kong initial public offering is slow to resurface, with some brokers yesterday saying they had not received any margin finance orders for shares in R&F Properties.
Listing candidate Shinhint Acoustic Link Holdings, well aware of the chilly reception for recent debuts, plans to price its share issue at the low end of the indicative range.
As most brokerages closed finance books for Guangdong-based R&F yesterday, many brokers said response had been tepid.
'We haven't got any subscriptions,' a Philip Securities spokesman said.
KGI Securities director Ben Kwong said his brokerage had received only 'minimal' orders for R&F.
Celestial Securities director Horace Kwan said only 'a few million dollars' worth of margin financing orders had been placed.
R&F aims to raise $2.21 billion.