Sunac China Holdings Ltd. and its subsidiaries are offering 59,920,246 of the company's shares to certain company directors and employees of the group at a price of HK$30.25 each.
The company said that the offering of its roughly 1.4% stake is being conducted under the share option scheme that it established May 19, 2014.
Of the allotted shares, 15,330,082 were earmarked for certain directors, while 44,590,164 were reserved for certain employees.
The subscription option will be valid for 5 years and will be exercised in three tranches, with 30% of the allotted shares to be vested starting Dec. 22. Granting of another 30% of the shares will commence a year after, while the remaining 40% will be vested from Dec. 22, 2019.
As of Dec. 25, US$1 was equivalent to 6.54 yuan.