East Money Information Co. has selected Bank of America Corp. and China International Capital Corp. to arrange its planned global depository receipt sale in Switzerland, according to people with knowledge of the matter.
(Bloomberg) — East Money Information Co. has selected Bank of America Corp. and China International Capital Corp. to arrange its planned global depository receipt sale in Switzerland, according to people with knowledge of the matter.
The Shenzhen-listed internet financial services provider could raise about $1 billion through the issuance in Zurich, said the people, who asked not to be identified as the information is private. A listing can happen as soon as this year, they added.
Deliberations are ongoing and details of the share sale including the bank lineup may change, according to the people. Representatives for Bank of America and CICC declined to comment, while a representative for East Money didn’t immediately respond to requests for comment.
East Money said in November its board approved its GDR plan in Switzerland, without giving any details. The company is set to join a wave of Chinese firms in tapping the European markets where 11 Chinese issuers have raised about $4.1 billion through GDR sales there since the start of 2022, according to data compiled by Bloomberg.
Founded in 2005, the Shanghai-headquartered company offers financial information and online fund sales services, according to its website. The company raised about 1.4 billion yuan ($204 million) in an initial public offering in Shenzhen in 2010. It raised another 4 billion yuan in 2016. Its shares have climbed 13% so far this year, giving the company a market value of about $42 billion.
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