HONG KONG, May 15 (Reuters) - Greenland Hong Kong Holdings Ltd, the subsidiary of China’s state-backed Greenland Group, plans to raise up to $220 million to fund its new Internet finance business, according to a term sheet of the deal seen by Reuters on Friday.
The company, the subsidiary of China’s second-largest developer, plans to sell 200 million new shares in the base offer in an indicative range of HK$7.30 to HK$7.50 each, the terms showed. The price is equivalent to a discount of up to 7.9 percent to Friday’s close of HK$7.93.
Greenland Hong Kong didn’t immediately respond to a Reuters request for comment on the share sale.
The deal could be enlarged by another 28 million shares if there is additional demand from investors, according to the term sheet. (Reporting by Vikram Subhedar; Writing by Elzio Barreto; Editing by Biju Dwarakanath)