E-House sells new shares at 8% discount

An existing shareholder withdraws plan to participate in the sale, resulting in a base deal size of $102 million.
New York-listed E-House China Holdings has completed its follow-on share offering, raising $102 million. However, one of the companyÆs independent directors who had also been scheduled to sell shares, decided not to participate in the transaction after the share price dropped 7.8% during marketing. This reduced the base deal size to 6 million shares from 7 million.

The company also had to accept to sell the shares at an 8% discount to the latest closing price as investors are currently highly price sensitive. Chinese stocks that are listed in the US have become especially volatile and investors û in the words of one observer û ôdonÆt know from one day to another whether they will...
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