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'China's P&G' Blue Moon cleans up in $1.2bn Hong Kong IPO

Detergent maker attracts bets on post-COVID consumer spending growth

HONG KONG -- Chinese detergent maker Blue Moon Group Holdings has raised 9.6 billion Hong Kong dollars ($1.24 billion) in its initial public offering here, drawing investors bullish for a post-pandemic economic recovery on the mainland.

Shares opened 16% above the offering price Wednesday, and closed the Hong Kong session up 13%. The company plans to spend the funds on new production equipment and on expanding its sales network.

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