Chinese property developer Hopson Development on Wednesday placed new shares into the market, raising HK$1.59 billion $204 million. The placement was launched after an extremely strong week for the stock in the five days immediately before the transaction, the company's share price was up 28%.
The deal consisted of 120 million primary shares, representing 8.15% of the company, or 7.54% of the share capital as enlarged by the new issuance. The indicative price range was between HK$13.30 and HK$14.03, translating to a 3% to 8% discount to the latest close.
The deal priced at the bottom, HK$13.30 for an 8% discount. Yesterday, the first day of trading after the deal,...
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