New World Development NWD and Li Fung were the centre of activity in Hong Kong yesterday Wednesday, with $388 million raised from two placements.
Both deals had been well flagged. Anglo American, which sold a 4.6% stake in Li Fung, had been waiting for the end of a three-year lock-up in order to dispose of its remaining shares in the trading company. So too, the market had been expecting a placement by NWD following Henderson Lands opening shot from the sector a couple of weeks ago.
Goldman Sachs was lead manager of the Li Fung deal, which raised $228 million following the sale of 134.5 million shares. Having been marketed...
