HONG KONG: The dramatic failure of brewer Budweiser APAC's US$9.8 billion Hong Kong listing left"mom and pop" investors badly out of pocket, a local broker has said in an unusual series of full-page advertisements in newspapers across the city on Wednesday.
Last Thursday, investors awaited the pricing of Budweiser APAC shares in what would have been the world's largest IPO so far this year. However, Belgian parent Anheuser Busch InBev NV canceled the pricing and called off the IPO the following day. Local brokers are a significant force in Hong Kong because of the high level of retail trading. They have a leading role in electing the financial services representative who sits in the city's Legislative Council - the current representative, Christopher Cheung is chief executive and chairman of broker Christfund Securities.