Greentown China places shares at 36pc premium

Greentown China says that on April 26, it placed 323 million shares with a wholly-owned subsidiary of Xinhu Zhongbao, at a price of HK$9.50 per share.

Xinhu Zhongbao (600208) is a company listed on Shanghai Stock Exchange involved in, real estate, financial service and financial technology and high technology investment, and is a constituent of each of CSI 300 and MSCI China A Index, Greentown China said.

The placing price represented a premium of 36 percent over the closing price last Friday.

The aggregate gross proceeds will be HK$3.06 billion. The proceeds will be used for general corporate purposes, repayment of loan and/or as general working capital, Greentown China said.