Chalco issues Hong Kong's second largest placement this year

Thin discount and mixed outlook on the company doesn't deter demand with book more than three times covered.

Analyst views on the stock may be mixed, but a rallying stock market and underperformance in the companyÆs share price over the past month helped ensure strong demand for a placement by Aluminum Corp of China Chalco yesterday.

ChinaÆs largest alumina producer sold HK$4.67 billion $601.8 million worth of mainly new H shares after pricing the offer at the top end of the indicated range. This equated to a 3.3% discount to the latest market price. At that size,...

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