Lee & Man completes placement

Paper company''s success proves that Hong Kong equity deals are still possible.

The completion of a HK$809 million $104 million placement for Lee Man Paper Manufacturing on Friday shows selective follow-on offerings are still possible despite the debilitated state of Hong Kong's equity markets. The deal was launched and closed on the same day a $200 million IPO for People's Telephone was scheduled to price.

However, the latter had still not closed over the weekend while lead manager UBS decided whether to cancel the deal in the face of poor subscription. Its fate is a direct consequence of the difficult debuts of recent IPO's by SMIC and Tom Online, which have undermined the whole Hong KongChina equity pipeline and...

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