THE $714 million public share offer in Hong Kong by Yizheng Chemical Fibre was 20.21 times subscribed, absorbing $14.4 billion of would-be investors' money. The launch comes amid stock market jitters over the Sino-British row and tense trade relations between China and the United States. Falling share prices have resulted in a lukewarm response for initial public offerings recently, with some subscribed by a narrow margin, such as Cheung Tai Hong Holdings. Yizheng managing director Ren Chuanjun said yesterday that despite current market conditions, he was pleased with the response. ''We believe this response reflects both the public's confidence in Yizheng's long-term prospects and the recognition that Yizheng is a strong and well-managed enterprise,'' he said. The polyester-maker, the seventh Chinese state enterprise to launch a H-share offer, said it had received 3,736 valid applications for the 300 million new shares. The flotation, representing 25 per cent of the company, raised $2.38 billion - the third largest by a Chinese state enterprise in Hong Kong. Trading on the stock exchange is expected to begin on March 29. The subscription rate, however, was the second-lowest made by a Chinese state enterprise. Topping the list is Kunming Machine Tool, with shares 628 times subscribed. Next comes Tsingtao Brewery at 110.5 times, then Guangzhou Shipyard at 77 times, Maanshan Iron and Steel at 68.7 times and Beiren Printing at 25 times. Shanghai Petrochemical attracted the lowest application for its shares on offer, with 1.73 times subscription. Yizheng issued one billion H shares for its listing in the territory at a subscription price of $2.38. Of this, 700 million shares were internationally placed while 300 million were offered publicly. The company's tranche of H shares offered to international investors was nine times subscribed. Yizheng said it had been approved by the State Council Securities Commission to issue 600 million A shares - 15 per cent of the company.