Giant Hong Kong IPOs open to orders

Two Chinese companies are set to begin orders today in what are slated to be the two largest IPOs in Hong Kong so far this year, The Wall Street Journal said. Sinopec Engineering Group, a subsidiary of state-owned oil major China Petrochemical Corporation (Sinopec Group), seeks to raise up to US$2.24 billion while China Galaxy Securities, the country’s No. 6 brokerage by revenues, could raise up to US$1.37 billion, according to people with direct knowledge of the deals. Hong Kong previously led in global IPOs but has struggled this year, raising only US$1 billion to New York’s US$11.1 billion.