pre-deal spot.
CE Hong Kong, which owns 41.6% of
China Everbright, will fully take up its
entitlement.
CICC , the sole global coordinator,
bookrunner and underwriter for the rights
issue, will underwrite the remaining
859.5m shares. There is an underwriting fee
of 0.6% of the underwritten shares, which
equals about HK$31m, according to the
announcement.
The company plans to use the funds
raised to implement waste-to-energy
projects, pursue other environmental
protection businesses, repay bank loans and
as general working capital.
The record date for the rights issue is
August 29. The results will be announced
on September 20.
› CHONG HING ANNOUNCES RIGHTS ISSUE
Hong Kong-listed CHONG HING BANK plans
to raise about HK$5.15bn from a non-
underwritten rights issue.
It plans to sell 361m rights shares at
HK$14.26 each on a 1-for-2 basis. The
price represents a discount of 2.06% to the
closing price last Tuesday of HK$14.56 per
share.
Yuexiu Financial, the largest shareholder
with a 75% stake in Chong Hing, will fully
take up its entitlement.
Separately, the bank plans to sell 70m
shares, or 9.7% of its enlarged share capital,
to Guangzhou Metro Group for nearly
HK$1bn. The subscription price is also
HK$14.26 a share.
Yuexiu and GZ Metro are both state-
owned entities based in Guangzhou in
China’s Pearl River Delta.
Shares of Chong Hing opened last
Wednesday at HK$14.36 and fell further to
close at HK$14.16.
The company plans to use the proceeds
to strengthen its capital adequacy ratio and
support growth.
DBS and Nomura are the joint
coordinators for the Guangzhou Metro
placement and financial advisers on the
rights issue.
The record date for the rights issue is
August 30. The results will be announced
on September 21.› ASYMCHEM LABORATORIES PLANS HK IPOShenzhen-listed ASYMCHEM LABORATORIES
(TIAN JIN) is planning a Hong Kong listing,
according to a company statement.
The board of the company has approved
a plan to sell up to 20% of its enlarged
share capital in Hong Kong in the form of
H-shares. There is a 15% greenshoe.
The company’s A-shares closed at
Rmb78.38 last Monday, giving it a market
capitalisation of Rmb18.8bn.
The company manufactures peptide
active pharmaceutical ingredients and drug
products. It plans to use the proceeds to
expand its production capacity and project
developments, and replenish working capital.› E-HOUSE PARTLY EXERCISES OPTIONE-HOUSE (CHINA) ENTERPRISE has partly exercised
an overallotment option in its Hong Kong
IPO, lifting the deal size to HK$4.68bn.
An additional 2.8m shares in the real
estate transaction service provider, or 0.87%
of the base deal, were sold at the IPO price
of HK$14.38 each. The base deal comprised
323m primary shares.
During the stabilisation period,
underwriters purchased 45.6m shares in a
price range of HK$11.6 to HK$14.38 each.
The shares of E-house, listed on July
20, hit a peak of HK$15.24 on their first
trading day, up 5.98% from the IPO price.
They were quoted at HK$12.88 last Monday
morning.
CICC and Credit Suisse were joint sponsors.
The two banks were also joint global
coordinators and joint bookrunnerswith HSBC. There were eight other joint
bookrunners.› CHANGJIANG PLACEMENT APPROVEDShanghai-listed JIANGSU CHANGJIANG
ELECTRONICS TECHNOLOGY has received written
approval from the China Securities
Regulatory Commission for a proposed
private placement of not more than
Rmb4.05bn.
The China-based semiconductor business
can sell not more than 272m shares within
six months, according to a company
statement.
Shares of the company rose 1.17%
to Rmb16.31 last Thursday after the
announcement.
It had net income of Rmb343m last year,
up from Rmb106m in 2016. The company
has a market capitalisation of Rmb22.2bn.
The proceeds will be used to boost
productivity by upgrading its integrated
circuit technology and to improve the
company’s financial status.
China Development Bank Securities , BOC
International (China) , Haitong Securities are
joint sponsors of the deal.HONG KONG
SYNDICATED LOANS
› HUARONG INTERNATIONAL SEEKS REFIHong Kong-listed brokerage HUARONG
INTERNATIONAL FINANCIAL HOLDINGS is sounding
the market for a refinancing of about
HK$3bn (US$382m).
A bank presentation was held on August- Far Eastern International Bank was the
coordinator of the exercise.
Funds are to refinance the HK$2.72bn-
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