MeiDong Auto Backs Seres' Hong Kong IPO with $20 Million Cornerstone Investment
MT Newswires Live
Oct 28
China MeiDong Auto (HKG:1268) agreed to invest $20 million as a cornerstone investor in the Hong Kong initial public offering of Seres Group (HKG:9927, SHA:601127), according to a Monday bourse filing.
Shares of the firm were up more than 2% in Tuesday afternoon trade.
The investment will be funded through internal resources, bank borrowings, and/or shareholder loans.
The subscribed shares will be subject to a six-month lock-up following Seres' listing, the filing said.
Seres Group launched its initial public offering in Hong Kong on Monday, seeking to raise up to HK$13.2 billion.
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