HONG KONG :China Tourism Group Duty Free Corp is aiming to raise up to $2.16 billion through a new listing in Hong Kong, according to a term sheet reviewed by Reuters, in what will be the largest share sale in the city so far in 2022.
China Tourism, which has built the largest duty-free retail network in China, did not respond to a request for comment on the deal's launch or subscription rate. Hong Kong share sales of Chinese-listed companies are typically offered at a discount to entice investors to buy the stock but the flagged discount of China Tourism is higher than normal. The rate was chosen to help ensure the stock trades positively in the secondary market, one of the sources with direct knowledge told Reuters.
Almost 40 per cent of the stock on offer in the deal has been sold to cornerstone shareholders who will invest about $795 million, according to the term sheet.
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