Renhe Commercial Holdings yesterday kicked off pre-marketing for an initial public offering that sources say will now likely be in the range of $600 million to $800 million. If successful, the Chinese operator and developer of underground shopping centres will be the first company to list in Hong Kong in more than a month and the outcome of the offering is seen as crucial for whether the long list of IPO candidates in the pipeline will be able to launch their own deals.
The continued volatility in the secondary market has already forced a significant reduction in RenheÆs fund-raising expectations from talk of as much as $1.5 billion to $2 billion earlier in the year...
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