CITIC Capital raises $140m via Cinda sell-down

CITIC Capital offloaded 229.2 million shares at HK$4.75 apiece, representing a discount of 2.5% to Thursday's close of HK$4.87, according to people familiar with the situation.

The PE-backed firm raised $2.5 billion in Hong Kong IPO in December 2013, becoming Asia's second-largest IPO of the year. CITIC Capital, UBS and Standard Chartered invested in the company in 2012 alongside the National Council for Social Security Fund (NSSF), paying $1.7 billion for a 16.5% stake. Boyu Capital is also understood to have invested in Cinda at some point.

CITIC Capital made a partial exit last month, selling a 3.28% stake in Cinda for HK$382 million, a filing showed.

Hong Kong's benchmark Hang Seng Index closed up 2.7% at 26,944.39 on Thursday, its highest closing level in seven years in response to a flood of Chinese capital entering the market via the Shanghai-Hong Kong Stock Connect. Shares in Cinda rose 7% on Thursday.

CLSA and Morgan Stanley acted as joint bookrunners on Cinda's latest sell-down.

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• Topics
• Greater China
• Exits
• Financials
• China
• Exit
• CITIC Capital
• Financial Services