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China’s Keda, Ningbo Shanshan Kick Off First Zurich GDR Sale

  • Bulding material maker Keda first to open books on GDR listing
  • Ningbo Shanshan also taking orders for depository receipts
Updated on

Two Chinese companies kicked off sales of global depository receipts in Zurich, becoming the first to tap the newly expanded stock-connect program.

Keda Industrial Group Co., a Chinese building materials manufacturer, opened books to sell 12 million GDRs at a range of $14.43 to $14.58 each, according to terms of the deal seen by Bloomberg News. At the top of the range, Keda would raise as much as $175 million from the offering.