Chow Tai Fook prices IPO at bottom of range

Chow Tai Fook Jewellery Group has priced shares for its upcoming IPO in Hong Kong at the bottom of a previously given range, an indication of investors’ continuing caution in light of the European debt crisis and the weakened global economy, The Wall Street Journal reported, quoting people familiar with the situation. At that share price, the jeweler stands to raise US$2 billion in its IPO and will have a total market value of US$19.3 billion. Chow Tai Fook’s pricing came one day after New China Life Insurance (601628.SH, 1336.HKG) raised US$1.89 billion by pricing its dual Hong Kong-Shanghai listing near the bottom of its price range. Two other smaller deals also priced at the bottom of their ranges. Chow Tai Fook will be the largest IPO globally since Sinohydro Group (601669.SH), China’s largest builder of hydropower stations, raised US$2.1 billion in Shanghai in September.