Huabao's new flavour appeals to equity investors
In a sign of returning market confidence, Huabao completes largest Hong Kong placement since the market correction in May to maintain free-float requirement after backdoor listing.
The controlling shareholder of Hong Kong-listed Huabao International Holdings has sold HK$1.52 billion $196 million worth of shares in the company to maintain the free-float at the required 25% following a reverse takeover by Huabao of her China-based tobacco flavouring company.
The placement, which was increased to 690 million shares from a base size of 600 million following solid demand, is the largest Hong Kong block trade since Aluminum Corp of China raised US$600 million on May 9,...
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