harbin-power-issues-new-shares-as-the-broader-market-fades

Harbin Power issues new shares as the broader market fades

The sale, which is meant to fund the production of nuclear power equipment, comes after a 30% rally in the share price in the past two months.
Harbin Power Equipment on Tuesday raised HK$1.13 billion $144 million from the sale of new H-shares to help fund the production of nuclear power equipment.

The sale, which was arranged by ABN AMRO Rothschild, came on a day when Hong KongÆs Hang Seng Index plummeted 461 points, or 2.2%, suggesting conditions were less than ideal for a share placement û especially since Harbin itself closed at a record high on Monday after a strong run-up in the share price.

However, this proved to be a minor distraction as investors in fact welcomed the opportunity to buy the stock in size. The deal ended up about twice covered and, according to people familiar with the...
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