An international share offering by Chinese government-owned computer company Great Wall Technology ahead of a listing in Hong Kong has been so successful that the shares will debut at HK$3.15 ($0.40), well above the range initially predicted of HK$2.22 ($0.28) to HK$2.78 ($0.36). The offering, which closed in New York on Thursday, was seven times oversubscribed, with the company raising $160m rather than the earlier estimate of $120m.
Great Wall, which is controlled by China’s Ministry of Information Industry, is to hold an public offering in Hong Kong on Tuesday and make its market debut on August 5. The proceeds will be used to invest in new PC manufacturing facilities and the establishment of internet services.
