GDS ADR issuance reportedly received several times oversubscription
According to informed sources, GDS overnight sold 5.2 million American Depositary Receipts (ADRs), attracting several times the oversubscription. The sale attracted subscriptions from long-only funds and existing investors, with the top ten investors subscribing for 60% of the ADRs and the top 25 subscribing for 90%. Earlier obtained documents show that JPMorgan Chase, Bank of America, Morgan Stanley, and UBS Group AG arranged this issuance. (Bloomberg)
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