New China Life block fetches $280m

Secondary market activity continues as investors seek to cash in on gains of Hong Kong-listed Chinese companies.

An undisclosed shareholder raised $280.4 million in a secondary share sale of New China Life Insurance on Tuesday night after offloading shares towards the bottom of the indicative price range.

The share sale follows a run-up in the mainland insurance company's shares as investors are keen to cash in on the gains in Chinese companies listed in Hong Kong.

UBS launched the 34.6 million-share offering Tuesday at an indicative price range between HK$49.60 to HK$50.35 per unit, representing a 3.5% to 2% discount to the May 19 closing price of HK$51.40, according to a term sheet seen by FinanceAsia. Shares...

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