The additional shares have been borrowed under a securities lending agreement and will be settled at a later date either by exercising the over-allotment option or through purchases on the secondary market, the company said.
As a result of the over-allocation of stock, the number of shares sold to professional and institutional investors stood at 254.1m, up from the initial number of 217.8m. The initial offer price was HK$1.56 per share. The over-allocation was made after the IPO met with strong demand, particularly from institutional investors.
The company's shares officially commenced trading on the Hong Kong stock exchange last Thursday. Harbin plans to use the share issue to finance debt reduction and future acquisitions and for general working capital.
