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

(Bloomberg) — Two Chinese companies initiated sales in Zurich of global depository receipts, known as GDRs, becoming the first to tap into a 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.