Dah Sing chooses tough day to sell new shares

The medium-sized Hong Kong lender raises $38.8 million from a top-up placement on a day when financial stocks take a beating on renewed concerns about loan losses at the US banks.

While it is widely anticipated that more Asian banks will approach the equity capital markets to re-capitalise their balance sheets in the coming months, it was a surprise that someone chose to do so yesterday. Not only were Asian markets down almost across the board, but they were led lower by financial stocks in a sell-off that spilled over from the US the night before. This shift in sentiment was sparked by renewed concerns about loan losses at...

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