huabaos-new-flavour-appeals-to-equity-investors

Huabao's new flavour appeals to equity investors

In a sign of returning market confidence, Huabao completes largest Hong Kong placement since the market correction in May to maintain free-float requirement after backdoor listing.
August 03, 2006
The controlling shareholder of Hong Kong-listed Huabao International Holdings has sold HK$1.52 billion $196 million worth of shares in the company to maintain the free-float at the required 25% following a reverse takeover by Huabao of her China-based tobacco flavouring company.

The placement, which was increased to 690 million shares from a base size of 600 million following solid demand, is the largest Hong Kong block trade since Aluminum Corp of China raised US$600 million on May 9, before the market correction. The trade shows that confidence is returning to levels where the market is able to support primary issues by companies that arenÆt already known to investors

Interest is still very much...
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