CLP raises $982 million from sale of new shares

Hong Kong-listed CLP Holdings last night raised HK$7.61 billion $982 million from a placement of new shares that could well be the final large overnight trade in Asia this year. It is also the second largest primary share placement by a Hong Kong-based company this year after Hong Kong Exchanges and Clearing’s $1 billion deal last week.

As the largest producer and distributor of electricity in Hong Kong the company is viewed as a “safe” investment and its shares are bought primarily for the stable dividends and relatively high yield. It was not a big surprise therefore that the deal attracted a lot of interest from yield-focused accounts such...