China's Kingboard Chemical sold HK$1.2 billion $152 million of shares in its Hong Kong-listed subsidiary Kingboard Laminates on Tuesday, taking advantage of massive investor interest on the back of its strong earnings report for the previous financial year.
One source familiar with the situation said the block sale was supported by existing shareholders as well as sovereign wealth funds, long-only investors, and hedge funds. The order book was well-subscribed with over 30 accounts.
Sole bookrunner Citic CLSA had full visibility of the trade because it was borne out of reverse enquiries from existing and new investors, who believe the stock has further upside after the...
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