Singapore's Temasek Holdings sold its stake in New China Life, China's third largest insurer, on Thursday after launching a 78 million share block trade after the market close.
Joint leads Goldman Sachs and UBS marketed the deal at HK$27.30 to HK$27.85 per share before pricing towards the bottom of the range at HK$27.45. This represented a 5.5% discount to the stock's HK$29.05 close.
About 100 accounts placed orders in the $276 million deal but allocations were skewed towards a couple of large anchor accounts, which the leads had built the deal around.
“This is not a particularly liquid stock...