abn amro rothschild

China's biggest construction company is largely unaffected by market volatility, but Dongyue isn't so lucky and prices its deal in the lower half of the range.

China Investment Corp agrees to buy about $100 million worth of shares in the IPO as one of nine cornerstone investors.

The combined A- and H-share offering could total $5.5 billion, with the H-share portion accounting for 45% of the deal.

The underlying stock trades up in the wake of the $1.35 billion offering, which was completed at a tight 2.7% discount.

Generous terms and the recent investment by Warburg Pincus contribute to the strong interest, which sources say was 15 times greater than the supply.

The bought deal is re-offered below par at launch to accommodate the aggressive terms, including a 50% conversion premium.

The long-awaited sale, which accounts for 57.6% of the H-share capital, is completed at a discount of 8.5% as the company's share price surges 15% during the week.

The sale, which is meant to fund the production of nuclear power equipment, comes after a 30% rally in the share price in the past two months.

The company's fifth ECM transaction since 2003 achieves aggressive pricing, partly thanks to strong liquidity.