A mainland shareholder sold a large chunk of China Construction Bank on Friday, hoping to raise up to HK$4 billion, according to term sheets seen by the South China Morning Post.
A banker familiar with the transaction told the Post the shareholder was leading steel maker Baosteel.
The shareholder offered 810 million Hong Kong-traded shares of China’s second-largest bank at a price of HK$5.08 per share, the International Financing Review reported on Friday.
The offering price was about a 2 per cent discount to the stock’s closing price yesterday of HK$5.18.
Deutsche Bank and HSBC were joint managers of the CCB sell-down.
Baosteel was not immediately available for comment.
James Antos, a senior analyst at Mizuho Securities, said the shareholder was taking advantage of an unexpected one-day rally to take profits on shares of mainland banks listed in Hong Kong.
