New China Life block raises $555m amid deal flurry

Buoyant capital markets prompt Singapore's Great Eastern Holdings to sell stake in mainland insurer while GIC exits Far East Horizon and UBS moves to offload China Cinda holding.
Soaring stocks have revitalised accelerated block markets in Hong Kong
Soaring stocks have revitalised accelerated block markets in Hong Kong

The blackout period is officially over. Four accelerated share offerings launched Monday night in Hong Kong amid soaring stock markets.  

Singaporean life insurer Great Eastern Holdings raised $555 million after offloading 85 million shares in New China Life Insurance in a block trade last night, taking advantage of a 19% six-day spike in share prices in the mainland insurance company.  

UBS meanwhile sought to raise $303 million by selling 490 million shares in China Cinda Asset Management, also utilizing strong stock market performance in the Chinese distressed asset manager to launch the block its shares have risen 22% since April 2. UBS secured...

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