Chinese investment bank CICC launches up to US$811m HK IPO: IFR
[HONG KONG] China International Capital Corp (CICC) on Monday launched an up to US$811 million initial public offering in Hong Kong, securing pledges from cornerstone investors for more than half of the deal, IFR reported citing a term sheet of the deal.
The 10 investors, which will not be able to sell shares in CICC until six months after the IPO, included asset manager Silk Road Fund with a US$100 million commitment, added IFR, a Thomson Reuters publication. Steelmaker Baosteel Group, utility CGN Power Co Ltd, China Mobile Ltd and fund manager Value Partners also pledged US$50 million each.
CICC and one of its shareholders, China's National Social Security Fund, are offering 611 million shares at an indicative range of HK$9.12 to HK$10.28 (S$1.65 to S$1.85) each, the terms showed, confirming information from sources with direct knowledge of the deal.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
China’s CICC demotes senior bankers, cuts pay to slash costs
Credit Suisse China securities joint venture says staff down 46% in 2023
More than 90% of stablecoin transactions aren’t from real users, study finds
RBA to keep key rate at 12-year high as inflation stirs anew
Buffett praised Apple after trimming it, drops Paramount stake
Westpac net profit falls 16%, announces additional A$1 billion buyback