RETAILER MAKES FIRST ENTRY TO HONG KONG

Maoye International has raised HK$2.7 billion (US$343 million) in a Hong Kong initial public offering, the first company to list on the Main Board of the Hong Kong Exchange in the second quarter of this year.

With 15 stores in eight cities in China, the Chinese retailer sold 863 million shares at HK$3.1 per share. The shares were offered at a range between HK$2.9 and HK$3.8.