Investors sell Gome, Sino-Ocean shares
Yesterday was another busy day for investors queuing up to tap the equity market for as much as HK$3.12 billion, just one day after the HK$5.5 billion mega sell-down in shoemaker Belle International Holdings.
Wong Kwong-yu, the biggest shareholder in Gome Electrical Appliances Holding, the mainland's largest electrical appliance retail chain operator, was seeking to raise as much as HK$2.2 billion by cutting his stake in the firm to less than 40 per cent, according to a sale document obtained by fund managers.
Mr Wong was offering 125.4 million existing Gome shares with an indicative price ranging from HK$17.10 to HK$17.55 per share, representing a discount of as much as 6.46 per cent to yesterday's closing price of HK$18.28, the document shows.
Goldman Sachs is the sole bookrunner for the offering.
Mr Wong, the company and the management have agreed not to sell any shares for the next 30 days after completion of the offering. Mr Wong's stake in the firm will also fall from 42.16 per cent to 38 per cent.
The mainland retail billionaire has visited the equity market twice in the past two years, raising a total of HK$3.6 billion in two separate share placements.