Sovereign wealth fund China Investment Corp. and China Petroleum & Chemical Corp., or Sinopec, are among cornerstone investors in the IPO, Calgary, Alberta-based Sunshine said in a release today. The shares will be offered for between HK$4.86 and HK$5.08 apiece, and are expected to begin trading on Hong Kong’s stock exchange March 1, it said.
Hong Kong’s Hang Seng Index has gained 17 percent since Dec. 31, its best start to a year in more than a decade and following a 22 percent drop in 2011, data compiled by Bloomberg show. Sunshine’s fundraising would be the biggest IPO in Hong Kong this year, the data show.
Sunshine is also backed by China Life Insurance Co., Bank of China Group Investment Ltd. and Cross-Strait Common Development Fund Co., according to the statement.
Asked if Petronas, Malaysia’s national oil firm also known as Petroliam Nasional Bhd., would be an investor in Sunshine, Michael Hibberd, co-chairman and executive director, said he was unable to comment. Petronas has been in talks to buy Sunshine shares, Reuters reported, citing people familiar with the situation.
The global offering is for 923.3 million shares, with 92.3 million reserved for Hong Kong investors, according to the statement. At the top end of the range, the market capitalization of Sunshine would be HK$14.4 billion, it said.
The public offering will open for subscription tomorrow and close on Feb. 23, with allotment results to be announced Feb. 29, it said.
BOC International Holdings Ltd., Deutsche Bank AG and Morgan Stanley are managing the sale.
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