Uni-President to spin off China business

The instant noodle and drinks maker aims to raise $570 million. Cornerstones sign up for $120 million of the total deal.

Uni-President China Holdings yesterday kicked off the institutional marketing for a Hong Kong initial public offering that aims to raise between HK$3.31 billion and HK$4.13 billion $425 million to $530 million.

The deal size is at the low end of the $500 million to $700 million deal initially talked about, which is likely a reflection of the downturn in the secondary market over the past three weeks that has pushed valuations lower. However, Uni-PresidentÆs first day of...

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