The HKD3.4bn ( $ 433.2 m ) tranche of shares in China Tower 's Hong Kong IPO that were made available to retail investors was only just oversubscribed , according to analysts . The share amounted to 5 % of the HKD68bn the mobile phone operator business was seeking to raise . The weak demand has been attributed to concerns over tariffs , a fall in the yuan and rising market volatility . The Hang Seng Index has fallen nearly 10 % since June , while the yuan has fallen 6 % against the dollar . Retail ##ed ##up IPOs by an average of 1,191 times in April , falling to 154 times in June .
The HKD3.4bn ($433.2m) tranche of shares in China Tower's Hong Kong IPO that were made available to retail investors was only just oversubscribed, according to sources. The share amounted to 5% of the HKD68bn the mobile phone tower business was seeking to raise. The weak demand has been attributed to concern over tariffs, a fall in the yuan and stock market volatility. The Hang Seng Index has fallen nearly 10% since June, while the yuan has fallen 6% against the dollar. Retail investors overbought IPOs by an average of 1,191 times in April, falling to 154 times in June.