hopson-raises-204-million-in-primary-share-sale

Hopson raises $204 million in primary share sale

The Chinese property developer takes advantage of the strong rally in its stock to tap the market for fresh capital.

Chinese property developer Hopson Development on Wednesday placed new shares into the market, raising HK$1.59 billion $204 million. The placement was launched after an extremely strong week for the stock in the five days immediately before the transaction, the company's share price was up 28%.

The deal consisted of 120 million primary shares, representing 8.15% of the company, or 7.54% of the share capital as enlarged by the new issuance. The indicative price range was between HK$13.30 and HK$14.03, translating to a 3% to 8% discount to the latest close.

The deal priced at the bottom, HK$13.30 for an 8% discount. Yesterday, the first day of trading after the deal,...

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