Hong Kong-listed Hopewell Highway Infrastructure HHI yesterday became the first company to adopt a dual-currency regime that will see its shares trade in both Hong Kong dollars and offshore renminbi. To achieve this, the company issued Rmb386.4 million $61 million worth of new shares denominated in the offshore Chinese currency through a placement.
Sure, the deal was small, but the demand was strong and the offering was upsized by more than 70% to 120 million...