Beijing-based China Citic Bank has signed up four cornerstone investors for the Hong Kong portion of its dual H- and A-share listing and has set a price range that could see it raise a combined $5.7 billion, with the H-share tranche alone targeting as much as HK$30.1 billion $3.9 billion, sources say.
While no doubt important as a confidence builder, the four cornerstones will together take up only about $200 million, or less than 7% of the offering at the bottom of the range û much less than in other Hong Kong listings of equivalent size.
However, this allocation comes on top of the 29% of the deal that will be bought by...
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