Hony offloads 11% stake in CSPC

The private equity firm raises HK$4.095 billion from the sale of 650 million secondary shares in the Chinese pharmaceuticals group.

Hony offloads 11% stake in CSPC

Private equity firm Hony Capital divested an 11% stake in CSPC Pharmaceutical after Thursday's close in Hong Kong, raising HK$4.095 billion US$528 million from the sale of 650 million secondary shares.

Under the lead management of Goldman Sachs, Morgan Stanley and UBS, the group priced the accelerated block at HK$6.30 per share. This represented the very bottom end of a HK$6.30 to HK$6.45 range and an 8.3% discount to...

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