Hongqiao launches $200m placement

Books were covered within a few hours of opening and the aluminium producer plans to use the funds raised to acquire upstream assets and pay off debt.

Hongqiao launches $200m placement

China Hongqiao Group, one of the country’s largest aluminium producers, raised $220 million in an accelerated share placement to pay down debt and acquire more upstream assets.

The Shandong province-based company on Thursday sold 275.9 million shares at HK$6.19 per share, a 9.1% discount to the September 3 close of HK$6.81, according to a term sheet seen by FinanceAsia.

It was the bottom of the initial range of...

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