Three institutional shareholders last night sold a combined $133 million worth of shares in Chinese PC maker Lenovo Group, offering investors a discounted buying opportunity outside the multitude of initial public offerings that are currently in the market.
Lenovo's shares have experienced good momentum since mid-July, though share price gains have waned since it released its first-quarter results in early August, and the deal was well received despite being marketed at a tight discount of between 2.5% and 3%. However, investors were clearly looking for a good bargain and the final price was fixed at the bottom of the indicated range for the maximum 3% discount versus yesterday's close of HK$3.66.
The IPOs...
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