Shimao sells $240 million worth of new shares

The property developer shakes off a profit warning and becomes the first Hong Kong-listed company to do a follow-on offering since mid-February. Meanwhile, Credit Suisse and Morgan Stanley trim their holdings in China Resources Gas.

Chinese property developer Shimao Property Holdings last night raised HK$1.88 billion $240 million from a top-up placement, becoming only the third Hong Kong-listed company to raise fresh capital in size from a follow-on share sale this year and the first since mid-February.

The deal also stands out in terms of size when compared with the growing number of Hong Kong placements that have taken advantage of the rebound in the stockmarket since mid-March. These have all been sell-downs by...

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