Chaoda chairman cashes in at near record highs

Kwok Ho raises $106 million after selling shares in the fruit and vegetable grower at the bottom of the offering range.

The chairman of Chaoda Modern Agriculture last night raised HK$828 million $106 million from the sale of a 5% stake in the fruit and vegetable grower at an 8.5% discount to the latest close.

The sale came as the stock has fallen in five of the latest six sessions after reaching a new record close of HK$7.75 on June 11. Yesterday it fell 1.2% to HK$7.54, while the benchmark Hang Seng Index edged up 0.5% to 21,684...

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