ZTE gets tight discount

Market momentum propels ZTE''s Hong Kong offering to tight discount against outstanding A shares.

ZTE Corp became the first A share company to complete a secondary listing on the Hong Kong Stock Exchange on Friday December 3 raising HK$3.1 billion $398 million from a deal led by Goldman Sachs. The Chinese telecoms equipment manufacturer priced a 141 million share offering at the very top end of its HK$17.5 to HK$22 range after securing roughly $10 billion in retail demand and $7.6 billion from institutions and corporates.

Based on Thursday's closing share price of Rmb26.94, the new deal came at a 12.88% discount and at 12% based on the stock's 30-day average in China. This was far tighter than the 20% to 30%...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222