Shares in Chinese real estate developer Dalian Wanda Commercial Properties Co traded flat in Hong Kong's biggest listing since 2010 as concerns about debt and a high valuation offset optimism over a rebound in China's property market.
Stock in the world's second-largest developer of shopping malls and office buildings was unchanged in the early morning from the initial public offering price of HK$48.00, while the benchmark Hang Seng index gained 0.1 percent.
Dalian Wanda raised about $3.7 billion after pricing the deal, Hong Kong's biggest IPO since October 2010, near the top of a HK$41.80 to HK$49.60 per share marketing range.
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With about 179.7 billion yuan ($29 billion) in bond and loan debt amassed during a decade-long expansion drive, Dalian Wanda is well placed to benefit from lower interest rates in China and a rebound in its property market, brokerage Sun Hung Kai Financial said in a Dec. 10 research report.
Still, the company scaled back it ambitions in the IPO, having first planned to raise as much as $6 billion, as some investors were put off by the scale of its debt, analysts said.
Dalian Wanda's listing is the largest in Hong Kong since AIA Group's $20.5 billion IPO just over four years ago and rounds off a hectic final quarter of the year for listings in the Asia-Pacific region.
It follows a $3.6 billion Hong Kong offering earlier this month by China's largest nuclear power producer, CGN Power Co, and the $4.9 billion IPO by Australian state-owned health insurer Medibank Private in November.