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INVESTMENT BANKING | Staff Reporter, Hong Kong
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HSBC appointed joint bookrunner for New World Development rights issue

The bank will also act as joint underwriter in the rights issue of about HKD11.33 billion.

According to a release, the Hongkong and Shanghai Banking Corporation Limited is acting as a Joint Bookrunner and Joint Underwriter in the approximately HKD11.33 billion rights issue for New World Development Company Limited through the sale of at least 1,995,062,501 rights shares on the basis of one rights share for every two existing shares held by qualifying shareholders at the subscription price of HKD5.68 per rights share.

NWD’s rights issue is one of the largest non-FIG (financial institutions) sector rights offerings in Hong Kong.

In addition, HSBC is also acting as Joint Coordinator on an approximately HKD4.29 billion rights issue for New World China Land Limited, through an offer of at least 2,881,306,455 rights shares on the basis of one rights share for every two existing shares held by qualifying shareholders at the subscription price of HKD1.49 per rights share.

Che Ning Liu, HSBC’s Managing Director and Head of Global Banking, Hong Kong and Greater China, said: “We are very pleased to play a key role in assisting our client to access the equity capital markets. While the current market is experiencing volatility, HSBC has the expertise and balance sheet strength to provide access to the equity markets. This important mandate with the New World Group is a testament to our ECM strength and consolidates our leadership as the banker of choice for companies in Hong Kong and Greater China.”

HSBC has played a key role in landmark equity deals in Hong Kong this year, including an approximately HKD10.05 billion rights issue by The Wharf (Holdings) Limited in March, April’s RMB10.5 billion initial public offering of Hui Xian Real Estate Investment Trust, the first ever offshore offering of equity securities denominated in RMB, and a USD500 million convertible bond for Agile Property Holdings Limited also in April.

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