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CBB International exercises partial overallotment in Zhenro Properties' IPO

CBB International Capital Ltd., in its capacity as sole representative for Zhenro Properties Group Ltd.'s initial public offering, partially exercised the overallotment option of the IPO in order to accommodate oversubscriptions.

Zhenro Properties said in a filing that a total of 123,000,000 shares, or 12.3% of the shares available under the global offering, were reallocated to the oversubscribed international offering component of the IPO.

According to the Hong Kong-listed company, the issuance of the 123,000,000 shares at a price of HK$3.99 apiece is being done to facilitate the return of the same number of shares that were borrowed by CBB International from Warm Shine Ltd., one of the controlling shareholders of Zhenro Properties. CBB International had to borrow the shares to cover overallocations in the international offering, the company noted.

Listing of the overallotment shares on the Hong Kong stock exchange is expected to take place Feb. 7 at 9 a.m. local time. Zhenro Properties earlier said it expects net proceeds of roughly HK$3.84 billion from the IPO.