Mengniu investors milk market for $78 million in secondary share sale

Anticipated sell-down meets strong demand on a day when the local stock market rebounds; shares sold at 5.6% discount.

The two largest shareholders in China Mengniu Dairy on Friday June 30 sold a 4.9% stake in the company for HK$610.9 million $78 million after the end of a one-year lock-up that was imposed after their previous sale.

The placement came on a day when the Hong Kong stockmarket added just over 400 points or 2.5% to finish at 16,267 points - its highest level in six weeks. Market watchers said this was a sign investors are getting more...

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