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Zhongsheng raises $369 million in Hong Kong IPO: source
March 22, 2010 / 2:33 AM / 8 years ago

Zhongsheng raises $369 million in Hong Kong IPO: source

HONG KONG (Reuters) - Zhongsheng Group Holdings Ltd, a Chinese dealership providing services to carmakers, raised U.S.$369 million when it priced its Hong Kong initial public offering near the bottom of an indicated range, a source familiar with the deal said on Monday.

Zhongsheng, which counts Japan’s Toyota Motor Corp (7203.T) among its key customers, sold 286.16 million new shares, or 15.5 percent of its enlarged share capital, at HK$10 each, compared with its indicative price range of HK$9.54-HK$12.83, the source said.

Zhongsheng’s trading debut is set for March 26, under the symbol “881” (0881.HK).

BOC International, Morgan Stanley (MS.N) and UBS UBSN.VX are handling the deal.

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