Xinyu Hengdeli sells $81.6 mln new shares-term sheet

HONG KONG, June 24 (Reuters) - Xinyu Hengdeli Holdings Ltd (3389.HK), a China-focused luxury watch retailer, is selling 236 million new shares to raise about $81.6 million, according to a term sheet.

The shares are on offer at HK$2.62 to HK$2.74 each, representing a discount of between 6.1 and 10.2 percent against its closing price of HK$2.92 on Wednesday.

There is an upsize option of 88 million shares, of which half are existing shares, the document said.

JPMorgan is the placing agent for the deal. (Reporting by Alison Lui; Editing by Chris Lewis)