Shares of Shenwan Hongyuan dropped by as much as 15 per cent to an intraday low of HK$3.10 during its first day trading, and have been struggling to recover since. Photo: AFP

China’s oldest brokerage Shenwan Hongyuan accuses cornerstone investor of defaulting on share payments in Hong Kong’s biggest IPO of 2019

  • Shenwan Hongyuan claims China Saite, a construction services company, has defaulted on stock subscriptions worth HK$233 million (US$29.74 million)
  • Brokerage offered its Hong Kong shares at HK$3.63 in April, raising US$1.16 billion in the city’s biggest IPO of the year
Topic |   IPO

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Shares of Shenwan Hongyuan dropped by as much as 15 per cent to an intraday low of HK$3.10 during its first day trading, and have been struggling to recover since. Photo: AFP
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