Shenzhen International Holdings successfully launched a share placement in Hong Kong late Tuesday, raising $250 million in the process after selling 176 million new shares.
The company, which is partially owned by the municipal government of Shenzhen and acts as its holding company for infrastructure projects, had initially sought to price 105 million shares at between HK$10.93 to HK$11.23 per unit in order to raise $150 million.
The price range for the follow-on offering represented a discount of up to 9.1% compared with Shenzhen International's November 2 closing price of HK$12.02, according to a term...
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