Two companies owned by the chairman and senior management of Hong Kong-listed Shenzhou International Group last night took some money off the table by selling HK$793 million $102 million worth of shares in the company, which manufactures fabrics and knitwear for brands like Uniqlo, Adidas and Nike.
While small, the sell-down attracted strong interest among long-only investors and was upsized by 20%. Despite that, the price was also fixed at the mid-point of the range. Typically, when a deal is upsized, the price tends to end up at the low end to compensate for the larger number of shares.
One reason for the demand is that...
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