crp-braves-market-downturn-with-placement

CRP braves market downturn with placement

On a day when Hong Kong stocks take a tumble, China Resources Power raises $623 million for its first investment in coal production.
October 03, 2007
It didnÆt seem like the most auspicious of days to raise fresh equity with the Hong Kong market tumbling 1,391 points from its intra-day high and finishing the session more than 700 points down. Rumours of several more potential placements, including one for Sun Hung Kai Properties, was also widely cited as a contributing factor to why the local market suddenly reversed course.

But China Resources Power CRP took on the challenge and launched a top-up placement of more than $600 million after the market close through Morgan Stanley and Citi. The task was made even more difficult by the fact that the stock was suspended from afternoon trading, which meant it missed most of...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222