Evergrande raises $600m in top-up placement

The follow-on launched as Shanghai's stock markets fell by over 6% and was completed by offering a higher discount to the last closing price.

Evergrande Real Estate Group defied plunging markets on Thursday and raised $600 million in a top up placement.

The Shanghai Stock Exchange Composite Index plummeted 6.5% in one day, while Chinese property stocks fell a similar amount amid concerns Chinese brokerages are tightening margins.

The roller-coaster ride this week has wiped tens of billions in market value off of some Hong Kong-listed companies, and led some investors to question whether the recent rally in A-share and H-shares is experiencing a temporary pullback or has run its course.

Brokerages experienced similar declines. Citic Securities and Haitong Securities each slid more than 2%...

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