placements-pick-up-pace-in-hong-kong

Placements pick up pace in Hong Kong

ZTE raises $338 million and TCC International pockets $109 million, while the controlling shareholder in Bawang reduces its stake to make another $132 million worth of shares available in the market.

Two weeks into the new year and placement activity in Hong Kong is starting to pick up. Last night there were two deals in the market and yesterday morning telecommunication equipment maker ZTE Corp announced that it had sold new H-shares to a small group of investors overnight with the help of Goldman Sachs and Deutsche Bank.

The other two deals were a top-up placement for cement producer TCC International Holdings arranged by BNP Paribas, and a sell-down by the major shareholders in shampoo manufacturer Bawang International Group, which was led by HSBC.

A total of $579 million was raised by the three offerings combined and while that isn't exactly massive, bankers say there...

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