small-li-ning-block-sold-at-4-discount

Small Li Ning block sold at 4% discount

An institutional investor pockets $59 million from the sale of a 2% stake in the sportswear company.
May 29, 2008
An undisclosed institutional investor last night raised HK$460.9 million $59 million by divesting part of its stake in Li Ning through a placement û the second such sell-down in the Chinese sportswear company in just two months.

The 20.97 million shares were priced at the bottom of the indicated range at HK$21.98 for a 4% discount, or towards the low end of the discounts achieved on other Hong Kong placements this year. However, the fact that the price was fixed at the bottom of the range is entirely in line with the current trend. The shares were offered at a discount of 2% to 4% versus yesterdayÆs closing price of HK$22.90. Citi...
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