Sell-down in Yurun raises $106 million

A sell-down in China Yurun Food Group yesterday raised HK$833 million $106 million for an undisclosed, non-affiliated institutional seller. The seller cleared its entire 4.6% stake in the company.
 
A total of 70.9 million shares were offered at a price between HK$11.63 and HK$12 a share, representing a discount of between 4% and 7% to yesterday's closing price of HK$12.50. The final price was set at HK$11.75, just below the mid-point, for a 6% discount.
 
The order book was covered within 15 minutes, but it stayed open to allow investors in the US to participate. It was described as comfortably covered by more than 50 accounts. Investors were...