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Li & Fung completes a long awaited secondary offering of its stake in Convenience Retail Asia.

BNP Paribas Peregrine and CLSA completed a HK$187 million $24 million placement of shares of Convenience Retail Asia CRA, late Wednesday. The deal sees Li Fung - the Hong Kong trading group - sell almost 14% of the existing share capital of Convenience Retail Asia, taking its stake down from 70% to 56% and increasing the public float from 26% to 40%.

The deal comes just over two years after CRA was listed on Hong Kong's...

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