Hunan-based pork supplier Huisheng International is set to become the second most oversubscribed initial public offering in Hong Kong - chasing the tail of nightclub operator Magnum. After the third day of bookbuilding, Huisheng has frozen HK$26.8 billion from margin orders at 11 brokerages, representing oversubscription by 1,089 times.

Huisheng is expected to reach more than 2,000 times oversubscription - still way behind nightclub operator Magnum Entertainment Group (2080), which was oversubscribed by 3,500 times and was listed on January 23.

A total of 861 investors have subscribed to the maximum allowed HK$12.3 million at 11 brokerages.

Phillip Securities said it has loaned HK$10.3 billion, the full quota allowed. It will close its retail book at noon tomorrow.

Margin financing orders end today.

Huisheng is raising as much as HK$246 million from the IPO, while Magnum raised HK$126 million.

Milan Station (1150), listed in May 2011, was 2,178.5 times oversubscribed.

Huisheng shares are HK$1.45 to HK$2.05 apiece, with a minimum investment of HK$4,141.33 for a board lot of 2,000. Shares will start trading on February 28.

Meanwhile, the world's third- largest auction house Poly Culture Group kicks off its roadshow today, aiming to raise HK$3.9 billion.

The international tranche has been well received and Poly Culture will be the first auction house to list in Hong Kong.

The retail book will open on Monday, but securities firms have already received bookings for margin orders from retail investors.

It is expected to attract at least HK$30 billion in margin financing.