A group of existing shareholders has raised HK$855.4 million $110 million from the sale of a 5.2% stake in Hong Kong-listed China Modern Dairy, taking advantage of the strong run-up in the share price in the past three months.
The deal was well received with around 60 investors putting in orders for about three times the number of shares available, sources said. However, on the back of the share price gains the stock is up 80% since mid-July investors were quite price sensitive and most of the orders came at the bottom of the range.
The demand reflects the positive noise around China’s dairy industry in...
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