While a decision to allocate the majority of shares from its HK$9 billion $1.2 billion H-share offering to cornerstone investors came as no surprise, Everbright Securities has raised eyebrows by listing two overseas insurance firms among the buyers.
British insurer Prudential and Taiwan’s Mercuries Life Insurance are among the eight cornerstone investors that have agreed to subscribe to 65% to 73% of the deal depending on final pricing. Prudential is investing $30 million while Mercuries Life will take $20 million of shares, according to a termsheet seen by FinanceAsia.
By comparison, domestic rival Orient Securities lined up an all-Chinese set of cornerstone...
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