Prudential, UOB Among 12 Cornerstone Investors For China Everbright IPO - Source
22 Julio 2011 - 3:19AM
Noticias Dow Jones
Shanghai-listed lender China Everbright Bank Co. (601818.SH) has
locked in 12 cornerstone investors including Prudential PLC
(PRU.LN) and United Overseas Bank Ltd. (U11.SG) to buy one-third of
shares on offer ahead of its Hong Kong listing, a person familiar
with the situation said Friday.
Cornerstone investors, who are guaranteed large allotments in an
initial public offering in exchange for agreeing to hold the shares
a certain length of time, give other investors confidence in a deal
at a time of volatile markets.
The cornerstone investments come as the Chinese bank, which
postponed the launch of order-taking from investors for its IPO due
June 27, has yet to disclose a date for kicking off the deal. The
Shanghai-listed bank has been gauging investor interest for its
Hong Kong IPO from mid-June and had been expected to list
mid-July.
China Everbright couldn't immediately be reached for comment.
Prudential declined to comment. A representative contacted at UOB
didn't immediately have comment.
The lender said in February it would sell up to 10.5 billion
shares in the Hong Kong deal, with an overallotment option of an
additional 1.5 billion shares. It is the latest mid-sized Chinese
lender to tap capital markets to boost its capital as Beijing
tightens monetary policy to cool the economy.
The lender's Shanghai-listed shares ended at CNY3.28 Thursday.
If it prices its Hong Kong shares at that level, it would raise up
to US$6 billion from the offering, based on a Dow Jones Newswires
calculation.
China International Capital Corp., Morgan Stanley, UBS AG, J.P.
Morgan Chase & Co., BNP Paribas SA, China Everbright Securities
(HK) Ltd., HSBC Holdings PLC, BOC International Holdings Ltd.,
Daiwa Securities Capital Markets Co., and Shenyin Wanguo (HK) Ltd.
are handling Everbright Bank's IPO, based on a term sheet seen by
Dow Jones Newswires earlier.
-By Prudence Ho, Dow Jones Newswires; 852-2802-7002;
prudence.ho@dowjones.com
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