Everbright Sec attracts foreign interest

British insurer Prudential and Taiwan’s Mercuries Life Insurance are among eight cornerstone investors in the Chinese brokerage’s $1.2 billion H-share offering.

While a decision to allocate the majority of shares from its HK$9 billion $1.2 billion H-share offering to cornerstone investors came as no surprise, Everbright Securities has raised eyebrows by listing two overseas insurance firms among the buyers.

British insurer Prudential and Taiwan’s Mercuries Life Insurance are among the eight cornerstone investors that have agreed to subscribe to 65% to 73% of the deal depending on final pricing. Prudential is investing $30 million while Mercuries Life will take $20 million of shares, according to a termsheet seen by FinanceAsia.

By comparison, domestic rival Orient Securities lined up an all-Chinese set of cornerstone...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222