, Columnist
China Tobacco’s IPO Will Be Far From Smoking Hot
This looks like the wrong industry in the wrong market at the wrong time.
Health concerns aren't the only drag on this share sale.
Photographer: Greg Baker/AFP/Getty Images
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The Hong Kong IPO of China Tobacco International (HK) Co. is looking like a hard sell.
The offshore unit of China National Tobacco Corp. is not only in a sunset industry that’s been under attack globally because of smoking’s link to cancer, it’s also found itself in the crosshairs of the U.S.-China trade war. Add to that a forecast slump in revenue and a struggling Hong Kong stock market, and there’s enough to give most investors a coughing fit.