Sentiment weak on second major HK IPO

Sinopec Engineering Group (2386.HKG) shares closed at 0.4% below the company’s listing price after their Thursday debut in Hong Kong, The Wall Street Journal reported. The IPO raised US$1.8 billion, making it Hong Kong’s biggest this year. Shares fell below the broader market in early trading but went on to outperform later in the day. China Galaxy Securities (6881.HKG) floated shares a day earlier, closing at 6% above its IPO price on Wednesday. About US$1.7 billion in IPOs are scheduled in Hong Kong in the coming weeks, but insiders said investors will be wary of taking risks in a falling market.