Investing.com – French holiday resort firm Club Med’s parent company, Fosun Tourism Group, slashed the size of its Hong Kong IPO from $1 billion to $547 million, according to the South China Morning Post.
The company is set to price the 214.2 million shares between HK$15.6 to HK$20 each. The company’s chairman said in a press briefing that “the size of our fundraising was set based on our business development needs and the current market and investor situation.” This signals a downward market sentiment.
The company’s shares will start trading on Dec. 14, after the public offering is completed on Dec. 6.
Alibaba-backed online parenting firm Babytree (HK: 1761) also slashed its IPO in Hong Kong from $1 billion to $233 million, according to Reuters.