CCB block changes hands at tight discount

The undisclosed institutional seller pockets $369 million before expenses following a steep share price rally over the past two months.

An undisclosed institutional seller last night raised HK$2.88 billion $369 million from the sale of 408.5 million shares in China Construction Bank CCB, taking advantage of a 43% gain in the share price over the past two months.

The deal was offered at a tight discount range of 1.8% to 2.5% versus yesterdayÆs close of HK$7.23 and not surprisingly priced at the wide end. However, this still marked the tightest discount on a Hong Kong placement this...

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