Chaoda reaps harvest from market

In one of the biggest placements from the private sector in China, Chaoda raises HK$700 million from new shares.

In a deal that further underlines how hot the equity markets are, Chinese agricultural company, Chaoda Modern Agriculture yesterday issued new equity worth HK$700 million $89.7 million. The deal was huge in the sense that it represented 32 days worth of the stock's normal trading activity.

The deal, which was sole lead managed by CITIC Capital, represented 13.6% of Chaoda's stock and was three times covered within an hour of launch, selling to 50 institutional accounts from Asia, Europe and the US.

Proceeds will be used by the company to consolidate its position as the leader in China's farming industry. In particular, the company is hoping to lease...

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