(Reuters) – Credit Suisse launched large blocks of shares of media company Discovery Inc and iIQIYI Inc after regular trading ended on Tuesday, according to various sources, as the bank continued to develop positions related to last month’s fall of Archegos Capital.
Credit Suisse has not yet fully developed its Archegos positions, said a source familiar with the matter. The bank has received a $ 4.7 billion success in negotiations with Archegos Capital, prompting a review of its investment bank’s leadership and risk divisions.
The shares of Discovery and IQIYI fell in trading after US time after hearing the offers, which were below the closing prices of the shares.
The bank launched 19 million Class A shares and 22 million Class C shares of Discovery, as well as 35 million U.S. listed shares of iQIYI, an online entertainment company based in China, shortly after closing according to two market sources. CNBC first reported the stock offer.
Sources said Discovery’s Class A stock offer price range was $ 38.40 to $ 39.60, compared to a closing price of $ 40.38 in the regular session. DISCA fell 3.7% in off-hours trading.
Credit Suisse offered Discovery C shares with a price range of $ 32.35 to $ 33.75 compared to its closing price of $ 34.78. DISCK C shares fell more than 5% in after-hours trading.
It offered iQIYI shares between $ 15.85 and $ 16.35 after closing at $ 16.66, which pushed the shares down 3.4% after trading.
A Credit Suisse representative declined to comment.
Last week the company offered large blocks of shares to ViacomCBS, Vipshop Holdings Ltd and Farfetch Ltd, also related to the development of Archegos.
Reports by Sinéad Carew, Lance Tupper and Matt Scuffham; Lincoln Feast Edition.