Hong Kong investors ordered 360 times as many shares of the $58 bln NetEase as were on offer. Cheap money is distorting markets everywhere, but abundant and exuberant retail buyers make the case for additional secondary listings easier, writes AlecMac11:
Chinese video-game publisher NetEase said on June 10 that the retail tranche of its Hong Kong secondary listing received orders for more than 360 times as many shares as it was offering.The company, which raised $2.7 billion, received 371,075 valid applications for nearly 1.9 billion shares from retail investors. Only about 5.2 million were made available to them, according to documents submitted to the stock exchange.
Under Hong Kong rules, if the retail tranche of an offering is more than 20 times oversubscribed, more shares are moved from the international allotment to domestic investors. As a result, NetEase said it made an additional 15.4 million shares available to Hong Kong buyers, increasing the amount to 20.6 million, or 12% of the total.
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