Hong Kong-based fund manager Value Partners surprised the market with a top-up placement yesterday, which saw it raise HK$795 million $103 million. The firm, which focuses on investments in Greater China and has a reputation for being able to spot good small- and mid-cap companies that have been overlooked by the market and turn them into highly profitable investments, said it will use the money for business expansion in China.
It didn’t elaborate further on how it will proceed with this expansion, but one possibility is that it has identified a potential acquisition target and needs the money to seal a deal.
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