FIFTH HONG KONG IPO MAKES AN INGLORIOUS DEBUT

       Glorious Property Holdings yesterday fell as much as 20 per cent on its first day of trading in Hong Kong, the fifth straight debut slump for an initial public offering in the city.
       The stock dropped 15 per cent to 3.76 Hong Kong dollars(Bt16) at the close.Glorious Property last week raised HK$9.9 billion in the largest Hong Kong IPO by a Chinese property company in two years.
       The developer joins four other companies,including China South City Holdings,in falling on the first day in the past two weeks.
       The declines have heightened investors' concern the market's appetite for offerings is waning as Wynn Macau prepares to start trading on October 9 after raising US$1.63 billion (Bt54 billion).
       "It's a massacre," Francis Lun,general manager at Hong Kong-based broderage Fulbright Securities, said in an interview."Right now investors have lost all confidence in new shares and I can't see this changing in the near term."
       Hong Kong's benchmark Hang Seng Index,which has rallied 80 per cent from a four-month low on March 9,fell 3.1 per cent this week,the biggest drop since the five days ended August 21.
       Wilmar Intrnational,the world's biggest palm oil trader,said on September 30 that it has not decided on the timing of a Hong Kong share sale of its China assets and is monitoring market conditions.Wilmar is delaying the sale to mid October or latr from October 5 initially, FinanceAsia reported.
       Glorious Property "is the latest in a line of IPOs that has performed worse than people were expecting", said Andrew Sullivan,a sales trader at Mainfirst Securities Hong Kong."The next IPOs will probably have to be priced more attractively."
       JPM organ Chase, deutsche Bank and USB were the global coordinators in the Glorious Property IPO.
       companies including Wynn Macau and Yingde Gases Group,China's largest independent onsite supplier of industrial gases,will start trading on the Hong Kong exchange next week.
       Wynn Macau,the casino company led by billionaire Stephen Wynn,is scheduled to start trading in Hong Kong on October 9.It raised HK$12.6 billion,selling shares at HK$10.08 apiece,the top end of the price range.

       "It's a massacre.Investors have lost all confidence in new shares.I can't see this changing in the near term."