A fund run by Newbridge Asia last night sold just over half the H-shares in Ping An Insurance Group that it received last week as payment for its 4.7% stake in Shenzhen Development Bank. Despite the somewhat challenging market environment right now and the large size of the offering, the deal was priced above the bottom of the range for a tight 4.6% discount and a total deal size of HK$9.7 billion $1.25 billion.
At that size, this is the largest placement in Hong Kong by far this year and also the largest in Asia, exceeding the Korean government's $1.03 billion sell-down in Woori Finance Holdings in early April.
Given that Newbridge had...
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