Chongqing Rural Commercial Bank

China Datang Corp Renewable Power fell 6% to HK$2.19 The company, which is already listed in Shenzhen, attracted decent demand despite deteriorating interest among investors for new share sales this close to year end. The Hang Seng Index has fallen 9% from its 2010 high of 24,964 points on November 8 and some recent newcomers to the market have struggled to perform, which has added to the reluctance to commit new money. Hedge funds, in particular, seem to have lost interest in new listings.

Chongqing Rural Commercial Bank (CRCB) fell close to 1% in its Hong Kong debut last Thursday -- the final day of bookbuilding for Zoomlion -- with observers noting that the early buying of the stock lacked conviction. They also felt that the share price may well have fallen more had it not been for the stabilisation done by the bookrunners. On Friday it edged up six HK cents to finish one cent above the IPO price at HK$5.26. CRCB raised $1.35 billion from its initial public offering.

Also on Friday, however, China Datang Corp Renewable Power fell 6% to HK$2.19 on its first day of trading after raising $644 million from its IPO. Another sign of the waning interest for new listings came on Monday last week when Datang Renewable’s larger competitor in the wind power sector, Huaneng Renewables Corp, called off its IPO due to “the change in market conditions and recent unexpected and excessive market volatility”. Huaneng had sought to raise between $965 million and $1.28 billion from its Hong Kong listing.