Content area
Full Text
Chinese private equity firm Hony Capital sold a HK$4.095bn ($528m) stake in CSPC Pharmaceutical Group on August 28 by pricing at the bottom of guidance in what was its fourth stake reduction in the company in 16 months.
Arranged by joint bookrunners Goldman Sachs, Morgan Stanley and UBS, the 650m secondary shares block was launched into the market at an indicative price range of HK$6.30-HK$6.45, which translated to a 5.6%-8.3% discount to the stock's HK$6.87 close on August 28.
The trade was driven by reverse enquiry from a number of accounts, according to one of the bookrunners, while they also did somewall-crossing in order to have better visibility on books ahead of launch.
That created good early momentum...