July 10, 2020 / 4:21 AM / a month ago

China Bohai Bank raises $1.78 billion in Hong Kong IPO - sources

HONG KONG (Reuters) - China Bohai Bank 9668.HK has raised $1.78 billion (£1.41 billion) after pricing its shares at HK$4.80 as it carried out the largest initial public offering in Hong Kong so far in 2020, two sources with direct knowledge of the matter said.

The bank had flagged it would sell 2.88 billion shares at HK$4.75 to HK$4.98 each, according to its prospectus.

The sources declined to be identified as the pricing had not been made public. Bohai Bank did not immediately respond to Reuters for comment.

Cornerstone investors who bought into the IPO ahead of the institutional bookbuild accounted for about 30% of the total deal. The largest of those investors was Yichang Health Pharmaceutical which bought $200 million worth of stock, followed by four funds which took a $50 million share each.

Bohai Bank’s fundraising eclipsed that of Smoore International 6969.HK, an e-cigarette and vaping device manufacturer, which last week raised $918 million.

Reporting by Scott Murdoch in Hong Kong; additional reporting Cheng Leng in Beijing; Editing by Edwina Gibbs

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