In Hong Kong, the chairman of Gome Electrical Appliances Holding raised HK$1.25 billion $160 million by selling 140 million shares at an 8.7% discount to the latest closing price. The placement had been anticipated after Chairman Wong Kwong-yu sold his remaining 35% stake in Gome Appliance to the listed company last week. The purchase was partially paid for with Gome shares and resulted in GomeÆs free float falling below the required 25%.
This transaction will increase the free-float to about 30.4% and see WongÆs stake in...
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