Scaling back
By Chen Li |
March 9, 2011, Wednesday
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Print Edition
Print Edition
CHANGJIANG Securities Co will cut back its additional share sale to 200 million shares from 600 million after an anonymous individual investor deliberately dumped large amounts of the stock to drag its price below the issuing price.
The unexpected sell-off, which occurred on the last minute of market trading last Thursday, almost sabotaged the share sale as the stock price of the Wuhan-based brokerage closed at 12 yuan, versus 12.67 yuan each set for the sale.
If the additional share sale fails, Orient Securities Co, the main underwriter of the issuance, has to use its own money to buy out all the unsold shares, according to an agreement reached between Orient and Changjiang.
The unexpected sell-off, which occurred on the last minute of market trading last Thursday, almost sabotaged the share sale as the stock price of the Wuhan-based brokerage closed at 12 yuan, versus 12.67 yuan each set for the sale.
If the additional share sale fails, Orient Securities Co, the main underwriter of the issuance, has to use its own money to buy out all the unsold shares, according to an agreement reached between Orient and Changjiang.
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