Renhe Commercial Holdings and its controlling shareholder were in the market yesterday, selling a combined HK$5.58 billion $720 million worth of shares. Two-thirds of the placement was comprised of new shares, which means the company raised about $480 million, which it will use towards the acquisition of operating rights for six underground shopping centres that was also announced yesterday.
The new share portion was by itself larger than Renhe's $435 million initial public offering in October last year, and when you add in the existing shares sold by the controlling shareholder, executive director Xiu Li Hawken, yesterday's deal was more than 1.5 times the money raised in connection with the listing. And because most...
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