CRCC raises HK$1.9b in extra share sale
China Railway Construction Corp (CRCC) has sold about HK$1.94 billion worth of extra shares, partially exercising its over-allotment option, according to its latest statement filed with the Hong Kong stock exchange yesterday.
The mainland's second-largest infrastructure contractor, which built more than 50 per cent of the country's railroads, issued about 181.54 million over-allotment shares at HK$10.70 each. The price was the same as that of its public offering, from which it raised HK$18.25 billion last month.
The new shares represent 10.6 per cent of the shares available under CRCC's global offering, before the exercise of any over-allotment option solely to cover the over-allocations in its international offering.
The new shares raised net proceeds of HK$1.89 billion.
The Beijing-based company received a record HK$540 billion worth of orders from retail investors during its public offering.
Such an overwhelming investor response surpassed the warm reception to Alibaba.com's initial offering, which raised HK$447 billion late last year.
CRCC shares closed flat at HK$10.70 yesterday.
