SINGAPORE — A unit of Sinopec sold 8.5 million Hong Kong-listed shares of CATL for about $770 million, a term sheet showed on Wednesday, cashing in on the Chinese electric-vehicle battery maker’s sizzling stock market performance.
Sinopec (Hong Kong) sold the shares in an accelerated bookbuild at HK$708 ($90.41) apiece, a discount of about 3.8 percent to Contemporary Amperex Technology Co. Ltd.’s (CATL) Tuesday closing price, the term sheet reviewed by Reuters showed.
The Sinopec unit also agreed to a 90-day lock-up on its remaining stake in CATL, the term sheet showed. Goldman Sachs was the sole placing agent, according to the term sheet.