CCB share block sold 6 months after IPO

$167 million transaction faces extra challenge as China raises interest rates during bookbuilding.

An existing shareholder of China Construction Bank last night April 27 offloaded a HK$1.3 billion $167 million block of shares in a sale that had the unfortunate honour of being launched half an hour before China announced its first rate hike in 18 months.

Among all the equity offerings that were in the market yesterday, CCB was probably the most negatively affected by the monetary tightening because lenders are so sensitive to economic growth, said one banker who watched...

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