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Origin Water takes $1bn off the Chinese government

Published August 20th, 2015

Chinese MBR specialist Beijing Origin Water has raised RMB6.23 billion ($973 million) by selling 148 million new shares to two funds owned by state-owned China Development Bank, and one private investor.

Although in December 2014 the company had hoped to raise $1.3 billion by selling a 19.2% stake, the final sale accounted for just 12% of the enlarged equity, indicating a valuation of RMB52 billion ($8.1 billion), as opposed to December’s valuation of RMB41 billion ($6.4 billion).

Despite sliding 40% between 25 June and 7th July, the share price has still risen 64% in the past year, partly because a trading suspension on 21 July shielded the company when investors lost faith in state intervention measures.

Trading resumed at RMB52/share on 17 August when investors welcomed China Development Bank as the third-largest shareholder. The bank now owns a 10.5% stake, trailing billionaire directors Liu Zhenguo (14%) and Wen Jianping (21.8%).