Is China First Heavy setting its $1.67 billion Shanghai IPO price below the top of its range a sign of growing realism as markets weaken and regulators demand more rational pricing?
Reuters’ Samuel Shen and Edmund Klamann report mainland IPOs are confronting a market that is sagging under the weight of heavy share supplies, fed by authorities who have approved a steady stream of new share issues to keep the market cool and avert asset price bubbles.
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