With the management road show and the institutional bookbuilding already under way, PICC Group early yesterday evening decided to elevate Citi, Haitong International, Morgan Stanley and UBS to joint bookrunners for its Hong Kong IPO, which is seeking to raise between $3 billion and $3.6 billion.
The move came just a day after these four banks were left off the list of 13 bookrunners and named joint lead managers for the offering. According to sources, the decision of which banks were given the title of bookrunners was primarily based on how much cornerstone demand had been brought in by each bank.
The Chinese insurance...
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