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Warburg-backed Sunshine 100 plans $310m IPO

28 Feb 2014

china wall_lrgPrivate equity-backed Chinese property developer Sunshine 100 China Holdings is looking to raise HK$2.4bn ($310m).

Sunshine 100, which is backed by US private equity firm Warburg Pincus, will sell 500m shares at a price of between HK4 and HK4.8, according to a prospectus.

The company currently has property projects in 17 cities including Beijing, Tianjin, Chongqing and Changsha.

Meanwhile, auto dealer China Grand Automotive Services recently increased the size of its Hong Kong IPO to $1bn from $800m.

The company, which is backed by private equity firm TPG Capital, expects to get regulatory approval for the IPO in the second quarter, according to the Wall Street Journal.

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