Hong Kong placements defy pessimists by pricing tight
Kerry Properties prices its top-up placement at a 5% discount, while Beijing Enterprises achieves a 5.6% discount despite a share price rally.
The Hong Kong capital markets withstood an important test yesterday with the completion of two follow-on offerings at discounts that were significantly narrower than on the few deals that were completed a couple of weeks ago.
Kerry PropertiesÆ upsized offering raised HK$4.15 billion $533 million at a 5% discount to the latest close, while Beijing Enterprises Holding sold HK$3.71 billion $476 million worth of shares at a 5.6% discount. Both deals were top-up placements, which means an existing...
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