China’s Geely Automobile launches share placement of up to $859 million

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A building of the Geely Auto Research Institute is seen in Ningbo, Zhejiang province, China August 4, 2017. REUTERS/Aly Song

HONG KONG/BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) has launched an $836 million-$859 million placement of 600 million new shares, according to a term sheet seen by Reuters.

The shares are priced in the HK$10.80-$11.20 range, after 4.44%-7.85% discount to the last closing price of HK$11.72. There is a 90-day lock-up on the company, the term sheet showed.

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Geely declined to comment.

Geely Automobile, based in the eastern province of Zhejiang, is China’s most globally high-profile automaker following investments by parent company Zhejiang Geely Holding Group Co Ltd’s in European manufacturers Volvo Car and Daimler AG. (DAIGn.DE)

Geely Automobile and Volvo – which Geely’s parent bought from Ford Motor Co (F.N) in 2010 – are planning to merge and list in Hong Kong and possibly Stockholm.

Reporting by Scott Murdoch, Julie Zhu and Yilei Sun

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