Xinyi Glass placement upsized to $127 million

One might have thought that investors would tread cautiously around a stock that has already risen more than 200% this year, but as it were, investors were happy to buy Hong Kong-listed Xinyi Glass Holdings last night when the stock was offered through a combined placement of new and existing shares. The share sale was ultimately upsized by 21%, which resulted in a final deal of HK$986 million $127 million.

The price was fixed at the bottom of the range for a 7.6% discount but because of strong gains this week, the final placement price was still above Friday's closing price. China International Capital Corp CICC and Citi acted as joint bookrunners for...