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UPDATE 2-Pou Sheng, Central China fall in HK IPO debuts

Fri Jun 6, 2008 2:21pm IST
 
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(For an expanded IPO diary, please click <HK/IPOMENU>)

(Updates closing prices)

By Kennix Chim

HONG KONG, June 6 (Reuters) - Shares in Chinese sportswear retailer Pou Sheng International (Holdings) Ltd (3813.HK: Quote, Profile, Research) and Chinese property developer Central China Real Estate Ltd (0832.HK: Quote, Profile, Research) fell in their market debuts on Friday, while a Hong Kong tanker shipping firm postponed its IPO.

The poor showing on a dark, stormy day in Hong Kong added to gloom in the local IPO market and threatened to curb enthusiasm for other upcoming issues.

Almost a dozen companies planning a combined $8 billion worth of initial public offerings have already withdrawn or postponed their offerings so far this year.

Shares in Pou Sheng, a spin-off from the world's top sports shoe maker Yue Yuen Industrial (Holdings) Ltd (0551.HK: Quote, Profile, Research), which raised $322 million, opened at HK$2.64 and ended at HK$2.61, down 14.4 percent from an IPO price of HK$3.05 per share, which was near the bottom of its indicated range.

"Recently the stock market has been volatile. Investors are sceptical towards IPOs. Only those with unique selling points or well-known brand names will appeal to investors," said Peter Pak, vice president at BOCI Research Ltd.

Shares in Henan province-based residential property group Central China Real Estate Ltd (0832.HK: Quote, Profile, Research), which raised $176 million, closed at HK$2.67, down 3 percent from its IPO price of HK$2.75 per share, which was at the bottom of an indicated range.  Continued...

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