Zhongji Innolight, described in the report as a global optical module leader and the largest weighting in the CSI 300, said it plans to sell 54.5 million shares in Hong Kong at a maximum offer price of HK$1,010 per share. Based on that ceiling, the deal could raise as much as HK$55 billion, or about $7 billion, with trading set to begin on July 30. Goldman Sachs, China International Capital Corporation, Morgan Stanley and GF Securities are acting as joint sponsors and bookrunners for the transaction. The report also cited people familiar with the matter as saying that BlackRock, Hillhouse and Temasek are set to become cornerstone investors. SPDBI, J.P. Morgan Asset Management, Wellington Management Co. and Yunfeng Fund are also planning to participate as cornerstone investors, and those investors are expected to take up nearly half of the shares on offer. Zhongji Innolight could start taking investor orders as early as today, and the listing may become Hong Kong’s largest equity offering in seven years.
BlockBeats reported on July 22 that Zhongji Innolight, described as a global optical module leader and the largest weighting in the CSI 300 Index, has announced a Hong Kong share sale of 54.5 million shares at a maximum offer price of HK$1,010 each.
At that ceiling price, the company is expected to raise as much as HK$55 billion, equivalent to about $7 billion. Trading is scheduled to begin on July 30.
Goldman Sachs, China International Capital Corporation, Morgan Stanley and GF Securities are serving as joint lead underwriters for the deal.
Separately, people familiar with the matter said yesterday that BlackRock, Hillhouse and Temasek are set to become cornerstone investors in Zhongji Innolight’s Hong Kong listing. SPDBI, J.P. Morgan Asset Management, Wellington Management Co. and Yunfeng Fund also plan to join the transaction as cornerstone investors.
Those cornerstone investors are expected to subscribe for nearly half of the shares. Zhongji Innolight plans to begin taking investor subscriptions as early as today, and the offering could become Hong Kong’s biggest share sale in seven years.
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