Market rally triggers two Hong Kong placements

Li & Fung raises $350 million from a top-up placement, while Morgan Stanley sells $111.5 million worth of shares in China High Speed, allowing the company to partly unwind an equity swap with the bank.

Following a strong day in Asian equity markets yesterday, it wasn't surprising to see a couple of placements taking advantage not only of the gains themselves, but of the momentum created as investors who have been on the sidelines until now are being forced to join in to prevent being left too far behind.

Both deals were for companies listed in Hong Kong, where the benchmark index rallied 5.5% to its first close above 16,000 points since mid-October, and were...

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