Trinity raises $96 million from top-up placement

Trinity Limited, the luxury menswear retailer controlled by the brothers behind Hong Kong-listed supply-chain manager and sourcing agent Li Fung, yesterday became the first Hong Kong-listed company to raise fresh capital from a follow-on this year. The company pocketed about HK$750 million $96 million before expenses, which is the same amount that it raised in its initial public offering just over two years ago.

This is the first time Trinity is raising money since the listing and analysts believe the deal suggests that the company is ready to adopt a similar strategy as that of Li Fung, namely to grow through regular acquisitions. Indeed, just before Christmas the company announced it had agreed to...