Tingyi share sale fails

The block of shares in noodle maker Tingyi that was in the market on Monday night was scrapped after failing to find enough buyers, sources said yesterday.

The shares accounted for 0.7% of the Hong Kong-listed company Tingyi Cayman Islands Holding Corp and were offered by an unidentified institutional shareholder that was seeking to raise between HK$908.8 million and HK$918.4 million $117 million to $118 million. Given that Tingyi has a market cap of about $17 billion that did not seem too demanding.

However, the indicated price of HK$23.75 and HK$24 translated into a discount of just 1% to 2.1% versus Monday’s...