China’s Rehne To Open HK IPO at Lower Price

HONG KONG (Reuters) – China’s Renhe Commercial Holdings Co Ltd has cut the price of its initial public offering amid turbulent global markets and will reopen the deal to investors from Tuesday through Thursday, people familiar with the matter said on Monday.

At the revised IPO price of HK$1.13 per share, the developer of underground shopping centres would raise $435 million. Renhe (1387.HK) had earlier hoped to raise as much as $658 million by selling 3 billion shares at a range of HK$1.40-HK$1.71 each.

The company plans to make its trading debut on Oct. 22, a week later than its previously targeted listing date of Oct. 15, one of the sources said.

BOC International, HSBC (HSBA.L), Morgan Stanley (MS.N) and UBS (UBS.N) are handling the deal. (US$=HK$7.8) (Reporting by Tony Munroe and Ruth Wong)