Tencent's China Literature Climbs in Gray Market Before Debut
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China Literature Ltd., the online reading unit being spun out by Tencent Holdings Ltd., climbed in gray market trading after pricing its initial public offering at the top of its marketed range.
Investors bought stock at HK$76 apiece ahead of Wednesday’s official market debut in Hong Kong, according to Tom Leske, a sales trader at Churchill Capital in Singapore. That is 38 percent above the HK$55 price in the IPO which is expected to generate net proceeds of HK$7.17 billion ($919 million).