Yurun placement triggers heavy sell-off

Coming to market at the end of a two-week period heavy with follow-ons and blocks, the Chinese pork meat processor encounters some investor fatigue and tumbles 12% after the share sale.

Hong Kong-listed China Yurun Food Group dropped 12% on Friday after a placement of new and existing shares that raised a combined HK$2.65 billion $341 million.

Market watchers said the sell-off, which pushed the share price well below the placement price, was a sign that investors are getting a bit fatigued after two weeks packed with follow-ons and block trades. In light of this and the fact that the deal was quite punchy in relation to the daily...

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