Hong Kong-listed Semiconductor Manufacturing International Corporation SMIC raised $972.5 million on Tuesday, taking advantage of buoyant regional stock markets to pull off a tightly priced transaction and one of the largest overnight equity deals in Asia this year.
The offering, which was structured as an equity combo comprising a HK$3.8 billion $491 million placement of new shares and a $481.5 million sale of convertible preference shares, came less than a week after the Hang Seng Index broke the 30,000-point mark for the first time since December 2007. When the deal launched, it was just 1% shy of that level.
It...
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