Retail investors in Hong Kong have returned applications for half their shares in Wednesday’s listing of the Macao gaming company owned by casino tycoon Stanley Ho, even as a Hong Kong court on Tuesday reaffirmed the offering’s legality.

Hong Kong’s Court of Appeal dismissed an application for a judicial review launched by Winnie Ho, Mr Ho’s estranged sister, that sought to derail the $494m listing of Sociedade de Jogos de Macau (SJM).