Cofco and Hopu will set up a special purpose vehicle and subscribe for the shares at HK$17.60 a piece - an 8 per cent discount to China Mengniu's closing price on Friday.

中粮集团和厚朴基金将组成一家特别目的载体（SPV），以每股17.60港元认购蒙牛股份，较蒙牛上周五收盘价有8%的折扣。

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In Hong Kong, Industrial and Commercial Bank and China Construction Bank (HK: 0939) both opened 1.7% lower.

FORBES: China Banks Struggling To Give Money Away; Equities Decline