› CIRO’S PLAZA CLOSES TRANCHE
Ciro’s Plaza, a commercial complex in
Shanghai’s Huangpu district, has closed the
US$250m offshore tranche of a US$325m-
equivalent three-year term loan.
Standard Chartered was the mandated lead
arranger and bookrunner of the offshore
tranche, which pays an interest margin of
205bp over Libor.
Lenders were offered a top-level
all-in pricing of 240bp over Libor via a
participation fee of 105bp.
The borrowing also comprises a
Rmb513m (US$75m) onshore tranche,
which offers a margin of 121% of the PBoC
rate.
SHANGHAI CIRO’S REAL ESTATE is the borrower
on the onshore piece, while TRUE PARTNER
INVESTMENTS is the borrower on the offshore
portion.
Funds are for refinancing and capital
expenditure purposes.
In December 2015, a consortium led by
investment firm PAG Real Estate Partners
and Broad Street Principal Investments,
a subsidiary of Goldman Sachs, raised a
US$313.5m-equivalent three-year term
loan to back its purchase of Ciro’s Plaza.
StanChart was the MLAB on the deal,
which has a Rmb664m amortising onshore
tranche and a US$210m bullet offshore
portion. The margins were 108% of the
PBoC rate on the onshore piece and 315bp
over Libor on the offshore portion.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› WUXI APPTEC PRICES ABOVE MID-POINT
WUXI APPTEC, a Shanghai-listed Chinese
contract medical researcher, has raised
HK$7.92bn (US$1.01bn) from a Hong Kong
listing after pricing the shares at HK$68
each, according to people close to the deal.
The final price is just above the mid-point
of the offer range, and slightly below the
HK$70 a share guidance given to investors
last Thursday.
It is also a discount of 25% to Wuxi
AppTec’s last closing price in Shanghai,
where the stock slid 6.2% last Thursday to
Rmb79.99 (HK$90.76).
The final price represents a 2019 P/E of
36.6 and a 2020 P/E of 27.6.
The company marketed 116.5m primary
shares, or about 10% of its enlarged share
capital, in an indicative price range of
HK$64.10–$71.50 each.
The shares will start trading on
December 13.
Goldman Sachs, Huatai Financial and Morgan
Stanley are the joint sponsors for the Hong
Kong float. The three banks are also joint
global coordinators and joint bookrunners
with China Merchants Securities and UBS. BOC
International, CLSA and China Renaissance are
the other bookrunners.› BOOKS COVERED FOR EVER SUNSHINEThe books of EVER SUNSHINE LIFESTYLE SERVICES’
Hong Kong IPO of up to HK$790m are
covered, according to people close to the
deal.
The deal is likely to price in the lower
half of the range, said the people.
The Chinese property management
service company is selling 380m primary
shares, or 25.3% of the enlarged share
capital, at an indicative price range of
HK$1.60–$2.08 each. The range represents
a 2019 P/E of 9.6–12.5. There is a 15%
greenshoe.
The deal carries a downward offer price
adjustment option, which allows the leads
to price it at 10% below the bottom end of
the price range at HK$1.44 per share.
Books closed on December 7 and pricing
was slated for the same day. The shares are
due to start trading on December 17.
The company posted a net profit of
Rmb13.4m (US$1.93m) for the three
months ended March 31 2018, up 21%
year on year. Its net profit in 2017 was
Rmb76.4m.
Haitong International is the sole sponsor for
the deal.› BANK OF QINGDAO KICKS OFF IPOHong Kong-listed BANK OF QINGDAO was
set to conduct pricing consultation on
December 7 and 10 for a Shenzhen IPO,
according to a Shenzhen Stock Exchange
announcement.
The company will announce the price of
the offer on December 12 and books will
open for a day on December 13.Bank of Qingdao will offer up to 451m
primary A-shares, accounting for no more
than 10% of the total issued share capital.
The issue price will be determined after
the pricing consultation. The price will not
be lower than Rmb4.52 per share, the net
asset value per share of the company as of
June 30 2018.
The company expected to raise
Rmb1.96bn from the IPO to replenish its
core Tier 1 capital.
Citic Securities is the sponsor on the
deal and joint bookrunner with Zhongtai
Securities.› MOBVISTA COMPLETES IPOMOBVISTA, a Chinese mobile marketing
company, has raised HK$1.28bn after
pricing its Hong Kong IPO slightly above
the bottom of the indicative price range,
according to people close to the deal.
The company sold about 319m shares,
or 21% of the enlarged share capital, at
HK$4.00 each versus the HK$3.90–$5.10
range.
The final price represents a 2019 P/E of
around 11.3.
There is a 15% greenshoe.
The shares will start trading on
December 12.
CMB International and UBS are the joint
sponsors.› ASIAINFO TECHNOLOGIES LAUNCHES IPOASIAINFO TECHNOLOGIES, a Chinese provider of
telecom software services, opened books
last Wednesday for a Hong Kong IPO of up
to HK$1.16bn.
The company is selling 85.7m primary
shares, or 12% of the enlarged share capital,
at an indicative price range of HK$10.50–
$13.50 each.Top bookrunners of China syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1 Bank of China 192 35,173.4 61.5
2 Citic Sec 7 5,745.6 10.0
3 ABC 5 2,908.4 5.1
4 ICBC 5 2,164.1 3.8
5 CDB 3 1,842.6 3.2
6 DBS 10 610.2 1.1
7 HSBC 8 583.7 1.0
8 CCB 3 532.9 0.9
9 Ping An Bank 2 432.2 0.8
10 Standard Chartered 7 431.7 0.8
Total 253 57,242.5
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S8bTop bookrunners of China equity and
convertible offerings
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 Goldman Sachs 47 10,498.1 8.7
2 CICC 32 9,107.3 7.5
3 Morgan Stanley 36 8,288.1 6.9
4 Citic Sec 38 6,889.0 5.7
5 Huatai Sec 28 6,030.4 5.0
6 BAML 12 5,851.0 4.9
7 China Sec 35 5,699.7 4.7
8 Citigroup 30 5,644.2 4.7
9 JP Morgan 26 4,091.5 3.4
10 Guotai Junan Sec 29 4,028.9 3.3
Total 433 120,729.8
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Refinitiv data SDC Code: C1m