Long-term shareholders sell stakes in Honghua, CIMC Enric

The two deals raise a combined $220 million and come at the end of a quarter that has been dominated by follow-ons and block trades.

As if to underline that the first quarter this year has been largely about follow-on issues and block trades, two more Hong Kong blocks hit the market last night, raising a combined $220 million. They came with just one day to spare before the Easter holidays and seemingly with no second thoughts about the fact that the trades won’t settle until next Wednesday.

However, in keeping with a practice seen repeatedly since the beginning of the year and indeed throughout most of last year the bookrunners had lined up demand for a large portion of each deal before the launch, providing more certainty about the execution.

The...

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