Hui Xian opens books for renminbi IPO
Hui Xian Reit started bookbuilding Hong Kong’s first ever renminbi IPO on Monday and could raise up to Rmb11.16bn ($1.7bn). But the Reit will need support from retail investors in order to price at the top of its range.
The Reit is offering 2bn units ― or a 26% stake ― at a price range of Rmb5.42Rmb5.58 per share. This gives the deal a dividend yield of between 4.07% and 4.33%, according to the bookrunners research, and a 2011 discount-to-net asset value of between 3% and 9%.
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