It has taken a while, but Hong Kong’s first billion-dollar IPO this year is finally about to hit the market. And with a number of other large deals in the pipeline, it is under a lot of pressure to do well.
The one to test the market and investor appetite is Sinopec Engineering, a spinoff from state-owned oil and gas giant China Petrochemical Corp Sinopec Group that focuses on the construction of refineries.
According to sources, the company is aiming to raise about $1.5 billion from the sale of 25% to 30% of its share capital.
The Hong Kong stock exchange approved Sinopec Engineering’s...