New records were set yesterday Tuesday by an increased 550 million share placement for China's largest alumina and aluminium producer, Chalco. The $400 million transaction represents the largest ever H share placement, beating the previous record holder, Huaneng Power by some margin. Indeed, there have only ever been two placements above $100 million before - a $142 million issue for Huaneng Power in February 1998 and a $134 million issue for Shanghai Petrochemical in August 1996.
For CLSA, which also led the Huaneng Power deal, the mandate must have been particularly satisfying since it marks the investment bank's largest transaction to date.
Timing of the deal could have hardly been...
