Lee & Man Paper bags $190 million from placement

The first share placement by a Hong Kong-listed company this year demands a 5.2% discount.

Lee Man Paper Manufacturing last night raised HK$1.48 billion $190 million from a top-up placement that was upsized due to solid demand.

Despite the strong opening to 2007 in the local stock market, this was the first sizeable placement of new shares by a Hong Kong-listed company this year. Until now, all the placements have been in the form of sell-downs by existing shareholders, and it was unclear how the market would view this transaction.

The fact that institutional...

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