HONG KONG: Shares in Nine Dragons Paper (Holdings) Ltd, China's top packaging paper supplier, roared ahead by as much as 46% in their Hong Kong market debut yesterday after massive demand for its IPO worth up to US$501mil.
Because the issue was heavily oversubscribed by Hong Kong investors, the retail portion was expanded to 50% of the offering, prompting fund managers disappointed with their initial public offering allocations to buy up shares yesterday.
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