China Modern Dairy block trade raises $110m

Founding shareholders sell a 5.2% stake after the share price jumps 80% in three months, and investors are keen to buy.

China Modern Dairy block trade raises $110m

A group of existing shareholders has raised HK$855.4 million $110 million from the sale of a 5.2% stake in Hong Kong-listed China Modern Dairy, taking advantage of the strong run-up in the share price in the past three months.

The deal was well received with around 60 investors putting in orders for about three times the number of shares available, sources said. However, on the back of the share price gains the stock is...

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