Canada Pension Buys Big Into Hong Kong Internet IPO

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The Canada Pension Plan Investment Board (CPPIB) this week became the largest shareholder of Hong Kong internet provider HKBN Ltd.

HKBN completed its IPO on Wednesday. On Thursday, CPPIB announced it had acquired a 17 percent stake in the company worth about $200 million.

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It purchased about 172.4 million shares as part of HKBN’s initial public offering.

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Founded in 1999, HKBN Limited is the second largest residential broadband service provider by number of subscriptions in Hong Kong.

It owns and operates one of the largest fibre optic networks in Hong Kong, reaching more than 2.1 million residential homes and 1,900 commercial buildings.

“This investment fits well with relationship investments’ focus on providing strategic, long-term capital to leading public companies, like HKBN, where CPPIB can participate in the future success of the company and help create greater value through an ongoing partnership,” says Scott Lawrence, CPPIB’s managing director and head of relationship investments.

CPPIB managed $187.8 billion in pension assets as of December 2014.

 

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