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 a continued appetite for risk and for Asian paper. The seller, for the second time since the Chinese car retailer listed in Hong Kong in March last year, was General Atlantic.

The private equity firm...

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