CKI raises $297 million from placement after 24-hour delay

It wasn’t exactly the smoothest of executions. In fact, Cheung Kong Infrastructure’s top-up placement is likely to be remembered as one of the messiest ECM deals in quite a while after the company announced an acquisition in the middle of it.

In light of the announcement, which was published on the Hong Kong stock exchange website just before 8am yesterday morning, CKI’s shares was suspended for the entire day while investors tried to get their heads around what was going on.

But after the initial confusion, and after investors were given a chance to reconfirm their orders, the bookrunners were eventually able to wrap up...