GCL-Poly Energy Holdings and Shenzhen Investment took advantage of fresh highs in their stock prices yesterday and kicked off separate share-sale plans that could raise more than a combined HK$4 billion, fund managers confirmed.
One of the leading renewable-energy suppliers on the mainland, GCL-Poly is looking to generate as much as HK$2.89 billion from selling 970 million new shares at HK$2.81 to HK$2.98 each.
The deal could be ramped up by 33 per cent with an additional 320 million shares to be offered, according to a term sheet.
Shenzhen Investment is targeting as much as HK$1.15 billion through an offer of 300 million shares at HK$3.67 to HK$3.83 each. The selling shareholder is parent company Shum Yip Holdings, a separate sales document showed.
The filings identified BOC International, Morgan Stanley and UBS as bookrunners for the GCL-Poly deal, and Goldman Sachs for the Shenzhen Investment offering.
The two fund-raising firms hit fresh highs last week. GCL-Poly climbed to HK$3.67, the highest in more than 18 months, and Shenzhen Investment topped out at HK$4.06, its highest since May last year.