VC investors cash out of Solomon Systech

Private equity investors make second divestment since IPO

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...

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