hong-kong-placements-defy-pessimists-by-pricing-tight

Hong Kong placements defy pessimists by pricing tight

Kerry Properties prices its top-up placement at a 5% discount, while Beijing Enterprises achieves a 5.6% discount despite a share price rally.
The Hong Kong capital markets withstood an important test yesterday with the completion of two follow-on offerings at discounts that were significantly narrower than on the few deals that were completed a couple of weeks ago.

Kerry PropertiesÆ upsized offering raised HK$4.15 billion $533 million at a 5% discount to the latest close, while Beijing Enterprises Holding sold HK$3.71 billion $476 million worth of shares at a 5.6% discount. Both deals were top-up placements, which means an existing shareholder sold secondary shares to the market and then subscribed to the same number of new shares at the same price to allow the company to pocket the proceeds.

Notably, both placements were priced inside...
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