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2007-9-20 12:18:00 p.m. HKT, XFNA
China Dongxiang to issue 1.375 bln shrs at 3.6-3.98 hkd/shr in HK IPO
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HONG KONG (XFN-ASIA) - China Dongxiang (Group) Co, the mainland and Macau
agent of sportswear brand Kappa, plans to issue 1.375 bln shares at 3.6-3.98
hkd per share in an initial public offering (IPO) in Hong Kong, according to
a term sheet.
Of the total shares offered, 90 pct will be allocated to institutional
investors via an international placement, while the remaining 10 pct will be
offered to retail investors.
The company is expected to raise up to 5.47 bln hkd from the IPO, the
proceeds of which will be used to expand its business.
Merrill Lynch and Deutsche Bank are arranging the IPO, according to the
term sheet.
A market source said China Life Insurance, Intime Department Store, and
international fund Tiger Global will invest in China Dongxiang by subscribing
to a total of 70 mln usd worth of shares.
roby.lau@xfn.com
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