Page 3 - Jonathan Breen News Today

By Jonathan Breen 07.00 AM AC Energy Corp, a Philippine renewable power producer, has kicked off a follow-on offering of primary and secondary stock, eyeing up to Ps12.4bn ($256.4m). The issuer – the energy business of Philippine conglomerate Ayala Corp – is selling 1.9bn shares. It opened the deal on Tuesday with an initial price range of Ps6.00 to Ps8.20 apiece.Strong early demand from global blue-chip long-only investors covered the book by late morning on that ... Already a...

By Jonathan Breen 07.15 AM Top Glove Corp, the world’s largest manufacturer of rubber gloves, has revised its planned Hong Kong listing down to a size of HK$6.9bn ($889m). The Kuala Lumpur-listed issuer was initially aiming to raise HK$14.95bn from a secondary listing of 1.3bn new shares on the HKEX.But the company announced on Thursday that it has cut the offer size to 690m primary shares, equal to 7.94% of its enlarged equity capital. It has ... Already a subscriber? ...

By Jonathan Breen 10.15 AM Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports. The overnight sale of primary shares and a dual-tranche convertible bond allowedMeituan to raise money it needs to invest in new technologies, including autonomous and drone deliv...

By Jonathan Breen 09.00 AM Chinese financial technology platform Futu Holdings has raised $1.24bn from a follow-on offering of its American depository shares (ADS). The issuer was able to navigate volatile markets thanks to support from a large global fund. Bookrunners Bank of America and Haitong International priced the ADS sale on Wednesday morning in Hong Kong, with Futu settling at $130 a share, said a source close to the deal. The Nasdaq-listed company sold 9.5m...

By Jonathan Breen 08.00 AM Food delivery giant Meituan has raised close to $10bn from an overnight sale of shares and convertible bonds, getting solid interest from investors and raising money to ramp up its investment into the technology part of its business. The issuer, one of China’s leading internet companies, came to the market in need of cash to invest in new delivery technologies. It pocketed HK$51.2bn ($6.6bn) from a placement of new shares and sold a $2.9bn dual-tranche CB to capital...

By Jonathan Breen 08.00 AM A South Korean state-backed insurer pared its stake in Woori Financial Group this week, selling a chunk of shares for W149.3bn ($133.2m), according to a source familiar with the matter. Korea Deposit Insurance Corp (KDIC) turned to investors on Thursday, offering 14.4m of its shares in Seoul-based banking and finance giant Woori Financial. The block represented 2% of the group’s share capital.Bookrunners JP Morgan, Mirae Asset Securities and Samsung Securities held ...

By Jonathan Breen 09 Apr 2021 Anjuke Group, a Chinese real estate services platform that is backed by high profile investors like Tencent Holdings, Warburg Pincus and General Atlantic, is seeking approval for a Hong Kong IPO. The Shanghai-headquartered company was founded in 2007 and has grown to be the Mainland’s leading real estate listing platform. The firm counts Chinas Tencent among its largest shareholders, with the internet giant holding the second largest pre-IPO stake in the issuer. ...

By Jonathan Breen 07.45 AM Chinese online travel giant Trip.com Group is set to launch bookbuilding for its Hong Kong secondary offering this week, after getting the go ahead from the city’s bourse. The issuer owns China’s leading online travel sites Ctrip, Trip.com and Qunar, as well as Scotland-headquartered travel agency and flight search engine Skyscanner.CICC, Goldman Sachs and JP Morgan are joint sponsors of the deal. Trip.com is already listed on the Nasdaq, where its American deposi...

By Jonathan Breen 17 Mar 2021 US private equity firm Carlyle has raised Rp39bn ($540m) after offloading a block of shares in SBI Cards and Payment Services, according to a source close to the deal. The vendor has sold approximately 40m of its shares in the company, a subsidiary of State Bank of India. It hit the market on Tuesday, initially looking to sell 38m shares, equal to 4.04% of SBI Cards total outstanding share capital.Sole bookrunner Bank of America took orders ... Already...

By Jonathan Breen 17 Mar 2021 The controlling shareholder of Thailand’s Stark Corp has sold a chunk of his shares in the company, raising Bt3.77bn ($122.4m) after pricing the deal towards the top of price guidance. Vonnarat Tangkaravakoon, a member of one of Thailand’s wealthiest business families, turned to investors on Tuesday to sell 952m of his shares in Stark, equal to 8% of its share capital. Stark is an investment company that focuses on manufacturing and...