The international tranche of Sinopharm Group's IPO is almost 30 times oversubscribed, locking in up to $28 billion (HK$218.40 billion), sources said. Tycoon Li Ka-shing and Sun Hung Kai Properties (0016) non-executive director Walter Kwok Ping-sheung each placed orders of $50 million. Bank of East Asia Chairman David Li Kwok-po plans to invest $10 million, while Prince AlWaleed Bin Talal subscribed $150 million. Local brokerages said margin financing demand has been robust and they will reserve more than HK$100 billion for orders. Henderson Land (0012) chairman Lee Shau-kee said IPO investors should be cautious as firms seeking new listing are too aggressive in setting prices.
