Reliance Trading Co. Limited – Asian Markets Mixed, Budweiser up After IPO
Asian markets were mixed in morning trade on Monday. Shares in Budweiser, AB InBev's Asia-Pacific unit, gained as much as 4% on their market debut in Hong Kong.
By: Reliance Trading Co. Limited
WAN CHAI, Hong Kong - Sept. 30, 2019 - PRLog -- Budweiser Brewing Company raised about $5 billion after pricing the Hong Kong float at HK$27 per share, making it the world's second-biggest IPO so far in 2019.
The company's IPO was previously cancelled in July due to "several factors, including the prevailing market conditions."
Chinese e-commerce giant Alibaba also reportedly delayed its listing in Hong Kong, which was due to take place in August, amid anti-government protests and Sino-U.S. trade tensions.
Hong Kong's Hang Seng Index was little changed at 25,957.5 by 10:30 PM ET (02:30 GMT). Analysts are paying close attention to the city's ongoing unrest as a series of protests are reportedly planned for the 70thanniversary of the People's Republic on Tuesday.
Carrie Lam, Hong Kong's chief executive, said on Thursday that she took responsibility for the "entire unrest" that has rocked the city since June.
China's Shanghai Composite slipped 0.1%, while the Shenzhen Component fell 0.4%. The country's official Purchasing Managers' Index came in at 49.8 in September, slightly higher than the 49.5 expected by analysts.
Beijing said over the weekend that it would continue to open up its financial markets.
"We will take further steps to promote high-quality, two-way financial opening and encourage foreign financial institutions and funds to invest in the domestic financial market to boost the competitiveness and dynamism of the domestic financial system," according to a summary from the eighth meeting of the Financial Stability and Development Committee posted on its website Sunday.
Japan's Nikkei 225 also lost 0.4%. Data from the trade ministry showed the country's factory production dropped 1.2% in August from a month earlier. Analysts had forecast a fall of 0.5%.
South Korea's KOSPI rose 0.4%.
Down under, Australia's ASX 200 inched up 0.1%.
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