Hong Kong Airlines is aiming to tap small investors’ bets on a rising renminbi with the city’s first dual-currency initial public offering.
The carrier’s shares, to be offered in both renminbi and Hong Kong dollars, will make the US$500m deal something of a test of retail investors’ faith in the Chinese currency, which has been dented this year by the renminbi’s unexpected weakness.
Hong Kong is home to more than half the Chinese currency held offshore, but a lack of investment products and a long-held belief that renminbi would rise steadily has to date resulted in largely idle deposits.
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