CNPC (Hong Kong) raises $480 million of new capital

Investors flock to the deal believing it is a precursor to asset injections from controlling shareholder PetroChina.

CNPC Hong Kong last night raised HK$3.72 billion $480 million from a top-up placement that was very well received by investors who viewed the fundraising as the first concrete sign that a long-anticipated asset injection story may be about to unravel.

According to a source, the offering was fully covered within 30 minutes and attracted more than $1 billion of demand, predominantly from long-only funds. Almost 100 investors submitted orders.

CNPC HK, a Hong Kong-listed red-chip which is...

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