Xinyi Glass placement upsized to $127 million

The company raises $67 million of fresh capital at a 7.6% discount, while the controlling shareholder takes the opportunity to secure some profit after this year's strong run-up in the share price.

One might have thought that investors would tread cautiously around a stock that has already risen more than 200% this year, but as it were, investors were happy to buy Hong Kong-listed Xinyi Glass Holdings last night when the stock was offered through a combined placement of new and existing shares. The share sale was ultimately upsized by 21%, which resulted in a final deal of HK$986 million $127 million.

The price was fixed at the bottom of...

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