Shareholder offloads $125 million of China Life shares

Tight discount sees bulk of shares going to long-only funds
An existing institutional shareholder has sold HK$970.1 million $125 million worth of China Life Insurance shares in a move to cash in on the strong share price gains in the past four months.

Citigroup acted as sole bookrunner for the deal.

The 99.5 million shares were offered in a range of HK$9.75 to HK$9.85, which represented a discount of zero to 1% to WednesdayÆs March 29 close of HK$9.85.

As could have been expected with such a tight offer range, the placement price ended up being fixed at the bottom of the range.

The book was closed shortly after it was fully subscribed, and by this time it was said to...
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