Shanghai Industrial completes $388 million placement

The deal comes as the Hang Seng Index breaks 23,000 points and follows close behind the massively oversubscribed IPO for fellow Chinese investment company Fosun.

Shanghai Industrial Holdings, which is the Hong Kong-listed investment arm of the Shanghai municipal government, on Friday took advantage of a sharp rise in its share price to raise HK$3.02 billion $388 million through a top-up placement.

The UBS-led deal was priced towards the bottom of the range at HK$31.20, which translated into a 4% discount to the latest close, but meant the company was able to get fresh funds at a premium to where its shares...

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