Placements in Hong Kong-listed companies raise a combined $485 million

A second straight session of gains was all it took for the Hong Kong placement market to stir back to life with not just one, but two deals of size last night.

Textile manufacturer Shenzhou International Group raised HK$1.54 billion $198 million from a top-up placement and China Investment Corp CIC reduced its stake in GCL-Poly Energy Holdings, a supplier of polysilicon and wafers for solar cells, through a HK$2.23 billion $287 million block trade.

Both deals were well received and Shenzhou International was upsized by 25% to accommodate long-only investors who wanted bigger allocations than what was possible under the base deal, but...