Yurun and its chairman raise $511 million through placement

Hong Kong-listed China Yurun Food Group was in the market last night with a placement of new and existing shares that raised a combined HK$3.96 billion $511 million. The deal coincided with the share price closing at a new record high, but was still quite well received.

The existing shares, which accounted for approximately 46% of the deal, were sold by a company owned by chairman Zhu Yicai and his wife. This was the third time in four years that the chairman reduced his stake in the Chinese pork meat processor and supplier and market watchers say investors are becoming quite familiar with the exercise and don't necessarily see it as a negative...