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%...
