Luk Fook raises $149 million from top-up placement

The Hong Kong-based jewellery retailer, which has seen its share price double in recent months, sells the shares at a 12% discount but is able to upsize the deal by 19%.

Hong Kong-listed jewellery designer, wholesaler and retailer, Luk Fook Holdings International, yesterday raised HK$1.16 billion $149 million from a top-up placement that will be used to fund its expansion plans. The deal was well received by investors who remain keen on the China consumption theme, allowing the 19% upsize option to be used in full.

Given the current market volatility and the fact that the share price has almost tripled in the past few months, investors were price...

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