Shareholder exits Cheung Kong via placement

The $600 million pre-trading sale is completed in 30 minutes despite the tightest discount for a placement so far this year.

An existing shareholder has sold its remaining stake in property conglomerate Cheung Kong at a 3.8% discount to the market price, raising HK$4.67 billion $600 million in the process.

Unusually for Hong Kong, the placement was launched and completed before the opening of Hong Kong trading yesterday and to accomplish that sole bookrunner UBS offered the shares to the market at a fixed price and on a ôfirst come, first serveö basis. This seems to have done the trick...

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