HONG KONG/BEIJING: China’s Geely Automobile Holdings Ltd has launched an US$836 mil-US$859 mil placement of 600 million new shares, according to a term sheet seen by Reuters.
The shares are priced in the HK$10.80-HK$11.20 range, after a 4.44%-7.85% discount to the last closing price of HK$11.72. There is a 90-day lock-up on the company, the term sheet showed.
Geely declined to comment.
Geely Automobile, based in the eastern province of Zhejiang, is China’s most globally high-profile automaker following investments by parent company Zhejiang Geely Holding Group Co Ltd’s in European manufacturers Volvo Car and Daimler AG.
Geely Automobile and Volvo – which Geely’s parent bought from Ford Motor Co in 2010 – are planning to merge and list in Hong Kong and possibly Stockholm. – May 29, 2020, Reuters
