Longfor pockets $398 million from largest follow-on in five months

But a hedge fund-heavy order book leads to a sell-off in the Chinese property developer in the wake of the transaction.

Longfor Properties on Tuesday night raised HK$3.09 billion $398 million from a top-up placement. There have been few follow-ons by Hong Kong-listed companies this year, with most of the placement activity focused on sell-downs by existing shareholders, and this is the largest such deal since early April when Kunlun Energy raised $1.35 billion of fresh equity.

Longfor took advantage of a sharp rise in its share price last week after Wheelock chairman Peter Woo...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: placement | follow on | top up | property | developer | citi | goldman sachs

Print Edition

FinanceAsia Print Edition