poly-hong-kong-investments-raises-397-million-via-placement

Poly (Hong Kong) Investments raises $397 million via placement

The Chinese property developer raises equity capital for the second time this year.

Poly Hong Kong Investments yesterday raised HK$3.078 billion $397 million through a top-up placement -- the company's second equity fundraising this year. The property developer said it will use the money to pay the outstanding balance on a recent acquisition of land from its parent company and to fund future investments.

The base deal size was 320 million shares which were offered at a price between HK$7.80 and HK$8.10 a share. The price range translated into a discount of between 8.9% and 12.3% versus Tuesday's closing price. The deal came with an upsize option, which was fully exercised, resulting in an additional 60 million shares being injected into the offering.

The...

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