Zoomlion, Wellington Management--Wellington Management buys 10.18% stake in Zoomlion Heavy

Dec. 30, 2010 (China Knowledge) - Wellington Management Co LLP, an asset manager and trust investment advisor to global institutions, has bought a 10.18% stake in Changsha Zoomlion Heavy Industry Science & Technology Development Co Ltd<000157><1157>, according to a statement filed with the Hong Kong Stock Exchange.

Wellington Management on Dec. 23 purchased about 97.41 million H shares of Zoomlion Heavy Industry at an average price of HK$15.36 apiece.

Changsha Zoomlion, which is engaged in the development, manufacture, distribution and leasing of heavy industrial equipment, on Dec. 23 debuted on the Hong Kong bourse and saw its shares rise 8% to close at HK$16.18 on its first day of trading, with turnover standing at HK$2.89 billion.

Changsha Zoomlion issued 870 million H shares for HK$14.98 apiece, a price close to the lower end of its indicative price range between HK$13.98 and HK$18.98 apiece, and thus raised HK$12.54 billion, China Knowledge reported earlier.

Source: China Knowledge