NWD and Li & Fung weigh in with placements

Two sizeable placements from the Hong Kong market.

New World Development NWD and Li Fung were the centre of activity in Hong Kong yesterday Wednesday, with $388 million raised from two placements.

Both deals had been well flagged. Anglo American, which sold a 4.6% stake in Li Fung, had been waiting for the end of a three-year lock-up in order to dispose of its remaining shares in the trading company. So too, the market had been expecting a placement by NWD following Henderson Lands opening shot from the sector a couple of weeks ago.

Goldman Sachs was lead manager of the Li Fung deal, which raised $228 million following the sale of 134.5 million shares. Having been marketed...

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