Sunny Optical raises $101 million from top-up placement

Hong Kong-listed Sunny Optical Technology, a Chinese manufacturer of camera modules for mobile devices, has raised HK$781.8 million $101 million from a top-up placement, making it the latest issuer to take advantage of the recent recovery in sentiment for Chinese stocks.

The deal, launched after the Hong Kong market closed on Monday, came on the back of four consecutive days of declines in its share price, but after the company had secured large new orders from Samsung. The combination of the two, together with improving economic data out of China, may have helped support the demand.

According to a source, the share sale attracted a lot...