Hong Kong-listed Hopewell Highway Infrastructure HHI yesterday became the first company to adopt a dual-currency regime that will see its shares trade in both Hong Kong dollars and offshore renminbi. To achieve this, the company issued Rmb386.4 million $61 million worth of new shares denominated in the offshore Chinese currency through a placement.
Sure, the deal was small, but the demand was strong and the offering was upsized by more than 70% to 120 million shares from just 70 million at launch. The offering initially came with an upsize option of 20 million shares, but on the back of the good response the bookrunner went back to the issuer and...
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