Coming on the heels of an unexpected cut in the prime lending rate by HSBC and Bank of East Asia on Monday and providing an opportunity to buy a fairly illiquid stock in bulk, the share sale was in demand. According to a source, the deal was more than six times covered with 150 accounts submitting orders.
The strong demand allowed sole bookrunner Credit Suisse to increase the size from the initial 400 million shares on offer, although not quite as much as it had hoped. Early information to investors...
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