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Nongfu Spring’s Hong Kong IPO Expected To Raise $1B+

August 25, 2020: 12:00 AM EST
The Hangzhou, China-based beverage maker could raise more than a billion dollars by pricing its shares as high as $2.77 in its Hong Kong initial public offering. The company, which is selling 388.2 million shares, will start trading on the Hong Kong Stock Exchange on Sept. 8. Five cornerstone investors have subscribed for stock in the sale, including fund manager Fidelity, hedge fund Coatue, and Singapore sovereign wealth fund GIC. The $1.08 billion IPO will be one of the largest in Hong Kong in 2020.[Image Credit: © Nongfu Spring]
Scott Murdoch, "China's Nongfu Spring to raise $1.1 bln in Hong Kong IPO", Reuters, August 25, 2020, © Thomson Reuters
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