SWF-backed ZhengTong Auto earns $470 million in IPO, trades at slight premium
ZhengTong Auto Services Holdings, backed by institutions such as sovereign wealth funds the China Investment Corp., Government of Singapore Investment Corp. (GIC) and Singapore’s Temasek Holdings, has raised $470 million from its IPO, and saw its share prices rise on Friday from HK$7.30 ($.94) to $7.62 ($.98) on its trading-day debut on the HKSE.
The company, which sells luxury cars from its 22 dealership locations in Mainland China, anticipated share prices to sell within the range of $6.80-8.60 ($.87-1.11) apiece, according to Reuters. Further...
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