Hong Kong-listed jewellery designer, wholesaler and retailer, Luk Fook Holdings International, yesterday raised HK$1.16 billion $149 million from a top-up placement that will be used to fund its expansion plans. The deal was well received by investors who remain keen on the China consumption theme, allowing the 19% upsize option to be used in full.
Given the current market volatility and the fact that the share price has almost tripled in the past few months, investors were price sensitive, however, and in exchange for the increased size, the company had to price at the bottom of the range for a 12% discount.
The shares were offered in a range between HK$23.15 and...
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