Hopewell Highway sells new shares in offshore renminbi

The Hong Kong-listed company breaks new ground with a $61 million renminbi-denominated placement that makes it the city's first dual-counter stock, while CapitaRetail China raises $70 million from a follow-on offering.

Hopewell Highway sells new shares in offshore renminbi

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...

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