Published: 9:00pm, 31 Jul, 2018 Updated: 11:50pm, 31 Jul, 2018
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.