Shenzhen Expressway (HKG:0548, SHA:600548) issued 357,085,801 A shares to three investors at 13.17 yuan each, raising 4.7 billion yuan, according to a Tuesday filing with the Hong Kong bourse.
The subscribers were XTC, with about 76 million shares; Jiangsu Yunshan, with 243 million shares; and Anhui Expressway (HKG:0995, SHA:600012), with 38.2 million shares.
As a result of the issuance, Shenzhen International's (HKG:0152) shareholding in Shenzhen Expressway decreased from 51.56% to 47.30%, though it will retain control.
The newly issued shares will be subject to six to 18-month lock-up periods. Registration and custody procedures are expected to be completed by March 31.
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