not vested
Datang Environment Industry, a subsidiary of China Datang Corporation, will open its retail book on November 3, seeking to raise as much as HK$2.56 billion through selling 540 million shares.
Datang priced its shares at an indicative range between HK$3.55 and HK$4.74 apiece. Shares will start trading on November 15.
Anbang Insurance Group and China Life Insurance Group (2628) will invest as much as HK$570 million and HK$390 million, respectively, as cornerstone investors.
The other two cornerstone investors, China Chengtong Development Group (0217) and Three Gorges Capital Holdings, will invest as much as HK$232.6 million and HK$224.9 million, respectively.
About 75 percent of net proceeds will be used for business expansion and development, 10 percent for repayment on bank loans to lower gearing ratio, and 5 percent for research.
Li Xiao-lin, vice-president of the China Datang Corporation, showed up at the conference yesterday. Li is former CEO of China Power International Development (2380) and the daughter of former Chinese premier Li Peng. In April, she was listed in the Panama Papers.
Source: The Standard