(Reuters) – Credit Suisse has launched large blocks of shares in media company Discovery Inc and iQIYI Inc after regular trading ended on Tuesday, multiple sources said, as the bank continued to unwind positions related to Archegos’ collapse Capital last month.
Credit Suisse has not yet finished unwinding its Archegos positions, a source familiar with the case said. The bank took a $ 4.7 billion hit from the transactions with Archegos Capital, prompting him to rethink the leadership of his investment bank and risk divisions.
Shares in Discovery and IQIYI fell in the US after trading following news of the offers, which were thrown below the stock’s closing prices.
According to two market sources, the bank launched 19 million Class A shares and 22 million Class C shares of Discovery, as well as 35 million US-listed shares of iQIYI, a China-based online entertainment company. CNBC first reported the stock offer.
The sources said the price range for the Discovery Class A stock offering was $ 38.40- $ 39.60, compared to a closing price of $ 40.38 during the regular session. DISCA declined 3.7% in non-business hours trading.
Credit Suisse offered the Discovery C stock at a price range of $ 32.35- $ 33.75 compared to the closing price of $ 34.78. The DISCK C shares fell more than 5% in after-hours trading.
It offered the iQIYI stock at $ 15.85 – $ 16.35 after it closed at $ 16.66, taking those stock down 3.4% after the bell trade.
A representative for Credit Suisse declined to comment.
Last week, the company offered large blocks of shares in ViacomCBS, Vipshop Holdings Ltd and Farfetch Ltd, also related to the Archego’s settlement.
Reporting by Sinéad Carew, Lance Tupper and Matt Scuffham; Editing by Lincoln Feast.