Renhe scales back price for Hong Kong listing

Renhe Commercial Holdings said it will scale back its proposed initial public offer price in Hong Kong from a range of HK$1.40-HK$1.71 (US$0.18-0.22) to HK$1.13 (US$0.15) a share, the South China Morning Post reported. The Harbin-based company, which operates underground shopping centers on the mainland, failed to secure enough orders to meet the industrial and retail tranches originally set for the listing. Renhe now expects to raise US$436 million through the listing, a 34% downward revision from its original estimate of US$661 million. The company says it still expects to go through with its market debut, though it has now been delayed from October 15 to October 22.