Benefiting from a red-hot market for IPOs in general in Hong Kong, the shares of Tencent spinoff China Literature nearly doubled in their first day of trading. The offering itself, which raised about $1.1 billion in proceeds for the company, was massively oversubscribed, reportedly with orders for more than 600 times the number of shares on offer. Priced at HK$55 a share, the stock is trading at HK$102.40, up 86 percent. The gives the ebook platform a market capitalization of roughly $11.9 billion — making it, by far, the highest-valued standalone publishing focused company in the world. (Pearson has a […]