Chi­naMer­chants Se­cu­ri­ties of­fer­ing se­cures 11 corner­stone in­vestors

China Daily (USA) - - BUSINESS - By REUTERS

Shang­hai-listed China Mer­chants Se­cu­ri­ties has se­cured 11 corner­stone in­vestors to take up $836m of shares, or about 63% of its Hong Kong IPO of HK$10.3b–$11.4b ($1.33b–$1.47b) at the bot­tom of the in­dica­tive price range.

The in­vestors are: PICC Life (333m shares), Chow Tai Fook ($50m), East Pa­cific ($50m), China Life ($30m), China Rein­sur­ance ($40m), Ma Hu­ateng, chair­man of Ten­cent ($30m), Fo­sun In­ter­na­tional ($30m), State Grid Corp ($30m), Yun­nan Met­ro­pol­i­tan Con­struc­tion In­vest­ment (S$30m), Le­git Value ($30m), South In­dus­tries ($20m).

The Chi­nese bro­ker­age is sell­ing891mshares atanindica­tive price range of HK$11.54– $12.78, rep­re­sent­ing a 2016 price/book of 1.1–1.2. As­set Man­age­ment

There is a green­shoe op­tion of 133m shares, rep­re­sent­ing 15 per­cent of the base deal.

Books open on Mon­day and will close on Fri­day.

China Mer­chants Se­cu­ri­ties (HK), JP Mor­gan and Mor­gan Stan­ley are joint spon­sors on the IPO.

The pro­ceeds will be used to sup­ple­ment cap­i­tal for busi­ness devel­op­ment in both do­mes­tic and over­seas mar­kets.

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