Beijing Enterprises brings rare China EB

Red chip breaks lock-up to raise new cash.

Beijing Enterprises Investment Ltd BEIL, the investment holding company controlled by the Beijing municipal government, raised $118 million on November 30 from an exchangeable into its Hong Kong listed subsidiary Beijing Enterprises Holdings Ltd BEHL.

The Deutsche Bank-led deal represents the only equity-linked offering by a Chinese entity so far this year. It has also come at a time when equity-linked issuance from Asia remains extremely thin, with issuance levels for the year still at roughly half of 2004 levels.

These two factors combined helped ensure a strong take-up for the deal, which closed eight times subscribed after a 90 minute bookbuild. About 100 investors...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222