Hopewell Highway sells new shares in offshore renminbi

The Hong Kong-listed company breaks new ground with a $61 million renminbi-denominated placement that makes it the city's first dual-counter stock, while CapitaRetail China raises $70 million from a follow-on offering.
<div style="text-align: left;">
Hopewell Highway: now available in renminbi
</div>
<div style="text-align: left;"> Hopewell Highway: now available in renminbi </div>

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...

¬ 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