First major Hong Kong IPO since rout edges up on debut

Hong Kong

Hong Kong's first major IPO to brave the market since the depths of the China market rout, CRSC, opened nearly flat on debut Friday.

Shares of China Railway Signal & Communication Corp.(CRSC) began trade at around 6.32 Hong Kong dollars, up just slightly from the HK$6.30 IPO price. Hong Kong's Hang Seng Index (HSI) opened up 0.2 percent.

CRSC had priced its 1.75 billion new shares, or about 20 percent of the company's enlarged capital, at the bottom of the HK$6.30-HK$8.00 indicative range. The IPO raised around$1.4 billion.

China-related shares have faced a souring of sentiment since mainland stock indexes plunged around 30 percent from their peaks in mid-June. The HSI is down around 15 percent from its late-May peak.

CRSC's offering is among Hong Kong's largest IPOs this year.In May, Huatai Securities, China's largest stock brokerage by trading volume,raised $4.5 billion. Legend Holdings,the parent company of computer maker Lenovo Group, raised around $2 billion.

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-By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1

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