CDB Leasing IPO at low end and with significant state backing

All is wonderful on the face of things but behind closed doors one cannot help thinking that without state backing, it may not have been a good turnout for the China Development Bank Financial Leasing (CDB Leasing) initial public offering (IPO). The leasing company raised $799 million after pricing its Hong Kong IPO near the low end of the marketed range. The lessor sold 3.1 billion shares at HK$2 each. The shares were offered at HK$1.90 to HK$2.45 each. State-owned power generator China Three Gorges agreed to purchase about 42% of CDB Leasing’s IPO shares as a cornerstone investor, committing