Eight Taiwanese VC investors and one non-executive director sold a combined 8% stake in Hong Kong listed Solomon Systech yesterday October 4. The group raised HK$511.3 million $74 million from the 201.9 million block trade, led by JPMorgan.
Having marketed the deal at HK$2.79 to HK$2.83, the lead priced it at HK$2.83. This represented a 1.6% discount to the stock's HK$2.87 close and flat to the VWAP.
As a result of the deal the issuer group drops to a 4.4% stake. The nine will now be locked up for 90 days.
The order book is said to have closed just over...