cnbm-completes-speedy-placement

CNBM completes speedy placement

The Chinese building materials manufacturer successfully raises $341 million in a choppy market.
Hong Kong-listed China National Building Material Company CNBM raised HK$2.67 billion $341 million in a choppy market, placing its shares at a time when worries over the US subprime quagmire spread across the Atlantic to Europe.

The placement came on August 9, almost immediately after the lunch break. In the morning the Hang Seng Index had recovered some of the ground it had lost earlier and seemed to be continuing the upward momentum from the previous trading day.

By the afternoon the situation changed dramatically and markets plummeted. The trigger was a plunge in European markets, marked by BNP Paribas freezing three funds exposed to the US subprime mortgage market. The Hang Seng Index...
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