Placement by knitwear manufacturer

Shenzhou International raises $151 million from top-up placement

Chinese knitwear manufacturer Shenzhou International, which supplies Uniqlo, draws strong demand from existing shareholders as it seeks to boost liquidity in its stock with a top-up placement.
<div style="text-align: left;">
The Shanghai store of Japanese casualwear retailer Uniqlo, which is Shenzhou International’s single largest customer </div>
<div style="text-align: left;"> The Shanghai store of Japanese casualwear retailer Uniqlo, which is Shenzhou International’s single largest customer </div>

Shenzhou International Group raised HK$1.17 billion $151 million from a top-up placement on Friday. The order book opened at around 9.15am, after the stock was suspended from trading, and closed at about 4pm.

Shenzhou International is the biggest vertically integrated original equipment manufacturer OEM in China’s knitwear industry and a major supplier to Japan’s Uniqlo. It offered 85 million shares at a price between HK$13.75 and HK$14.60 each, which translated into a discount of 3.8% to 9.4% versus Thursday’s close of HK$15.18.

The price was fixed slightly above the bottom of the range at HK$13.80 for a 9.1% discount to the latest...

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