Despite the strong opening to 2007 in the local stock market, this was the first sizeable placement of new shares by a Hong Kong-listed company this year. Until now, all the placements have been in the form of sell-downs by existing shareholders, and it was unclear how the market would view this transaction.
The fact that institutional shareholders choose to take profits when share prices are at record highs is easy to understand, but when a company management decides that the time is right to raise fresh cash it often causes some...
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