China Education nets HK$2bn from top-up

By Jonathan Breen
27 Jan 2021

China Education Group Holdings sealed a HK$2.03bn ($261.3m) top-up placement this week, raising capital for the expansion of its school network. But its stock took a hit in the aftermarket, dropping more than 10%.

The company, a higher and vocational education provider, sold 122m shares on Tuesday. Placing agent UBS ran an accelerated bookbuild for the deal after Hong Kong markets had closed.

The bank initially marketed the shares with guidance of HK$16.54 to HK$17.00, offering investors a 5.97% to 8.52% discount ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial