market-rally-triggers-two-hong-kong-placements

Market rally triggers two Hong Kong placements

Li & Fung raises $350 million from a top-up placement, while Morgan Stanley sells $111.5 million worth of shares in China High Speed, allowing the company to partly unwind an equity swap with the bank.

Following a strong day in Asian equity markets yesterday, it wasn't surprising to see a couple of placements taking advantage not only of the gains themselves, but of the momentum created as investors who have been on the sidelines until now are being forced to join in to prevent being left too far behind.

Both deals were for companies listed in Hong Kong, where the benchmark index rallied 5.5% to its first close above 16,000 points since mid-October, and were completed after the market closed. Hong Kong sourcing company Li Fung raised $350 million of new capital from a top-up placement, while Morgan Stanley sold $111.5 million worth of existing shares in China High Speed...

¬ 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