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Tianhe tests investor reaction in HK

By Emma Dai in Hong Kong ( China Daily ) Updated: 2014-06-10 07:26:16

Tianhe Chemicals Group Ltd, the largest lubricant additives producer in China, began its initial public offering on Monday in Hong Kong, where it aims to raise as much as HK$6.34 billion ($818 million).

The Liaoning-based company will offer 2.8 billion shares at HK$1.75 to HK$2.25 each, its IPO document shows. About 27.48 percent of the shares are existing shares held by management, documents from the stock exchange of Hong Kong show.

About HK$1.54 billion, or 39.4 percent of the net proceeds assuming an offer price of HK$2 per share, will be used to repay a loan backed by Driven Global, a unit controlled by the Wei family, the founder and operator of Tianhe Chemicals.

Tianhe tests investor reaction in HK

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