China Communications Services surprises market with placement

Cisco, IBM and Blackstone take about 45% of the $242 million deal which featured CICC as the sole bookrunner.

China Communications Services CCS, which is controlled by the China Telecom group and provides engineering and technical services to ChinaÆs five major telecom operators, surprised the market on Friday with a placement of new H-shares û the first Asian primary share sale through an accelerated bookbuild in two months.

The deal was supported by three strategic shareholders û Cisco, International Business Machines and Blackstone û who bought a combined $110 million worth of shares, but there was also solid...

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