CBI member and leading international law firm Clifford Chance advised the joint sponsors and underwriters including Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse on China Literature's US$1.1 billion (HK$8.3 billion) initial public offering on the Hong Kong Stock Exchange.
The deal received exceptionally strong demand in all three tranches of the offering. The retail tranche was more than 625 times oversubscribed attracting over 400,000 applications and application monies of over US$66 billion (HK$520 billion), making it the second most oversubscribed deal in Hong Kong. Both the preferential offering for existing Tencent shareholders and the international offering for institutional investors were also significantly oversubscribed.
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