kowloon-development-boosts-placement-by-50

Kowloon Development boosts placement by 50%

The acquisitive developer secures $150 million from its fixed-price offer, marking the second Hong Kong placement in three days.
Kowloon Development became the second Hong Kong company to raise fresh cash in the primary equity market last week when it completed a HK$1.16 billion $150 million top-up placement through Cazenove Asia late Friday.

Like Li Fung, which sold $356 million worth of new shares on Wednesday, Kowloon Development took advantage of a near record high share price to boost its coffers. Bankers predict more companies will follow as the local stock market continues to look strong.

The Hang Seng Index has gained 2,000 points, or 7.6%, since its lows in mid-June and has recovered all the losses incurred during the global equity market sell-down that began in mid-May. However, the HSIÆs year-to-date...
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