Nine Dragons raises $370 million from top-up placement

Investors are happy to turn their attentions to something other than real estate, but poor trading in Asia and Europe make them ask for the maximum 10.9% discount.

Chinese paper manufacturer Nine Dragons Paper yesterday took advantage of a near 18-month high in its share price to raise $370 million from a top-up placement. About three-quarters of the money will be used to repay debt.   

The offering, which was upsized from a base deal of $350 million, was launched in the Hong Kong morning after the stock was suspended and stayed open until just before the start of New York trading to give US investors,...

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