Tom.com completes placement

Taking advantage of a strong rally in its share price, the media group issues 450 million shares.

Citigroup completed a top up placement for Tom.com yesterday Thursday, raising total proceeds of $133 million after the deal was increased by nearly one third on the back of strong subscription. The placement comes on the heels of a strong share price rally, which has seen the stock climb 31.72% year-to-date and as such many are likely to view the deal as an opportunistic cash call.

However, while Tom.com has outperformed the Hong Kong indices, its performance...

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