Blocks in Zhongsheng and Alfamart raise $273 million

General Atlantic reduces its stake in Chinese car retailer Zhongsheng to 7.5%, while the controlling shareholder of Indonesian supermarket chain Alfamart pockets $103 million and gives the free-float a boost.

Existing shareholders in Hong Kong-listed Zhongsheng Group Holdings and Indonesia’s PT Sumber Alfaria Trijaya, better known as Alfamart, were in the market last night raising a combined $273 million from accelerated secondary placements.

The Hong Kong deal was the larger of the two at HK$1.32 billion $170 million and followed the same pattern as many of the block trades that were in the market last week pricing at a fairly tight discount and upsizing the offering in full, indicating...

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