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Jiayuan International to raise HK$1.4B in placement of existing shares

Jiayuan International Group Ltd. will place up to 232,000,000 existing shares representing approximately 10.45% of the issued share capital of the company.

The shares will be offered on a best efforts basis at a price of HK$6.11 per share, a roughly 7.56% discount to the HK$6.61 per share closing price Dec. 18.

Subscription of the new placement will run to Dec. 27, with the shares to be placed to at least six placees. Mingyuan Group Investment Ltd., the company's controlling shareholder and the vendor of the shares, also agreed to subscribe for all the shares to be placed.

Net proceeds from the placement are expected to come in at approximately HK$1.40 billion, which will be used for land bank acquisitions and as general working capital.

Huajin Securities (International) Ltd., Head & Shoulders Securities Ltd. and Yue Xiu Securities Co. Ltd. are the placing agents for the placement of shares.

Mingyuan is wholly owned by Jiayuan International Chairman Shum Tin Ching and owns an approximately 60.81% stake in the company, as of Dec. 18.