solid-support-for-shanshui-selldown

Solid support for Shanshui sell-down

The $129 million deal is close to three times covered and priced near the top, offering further evidence that investor confidence is improving.

Two pre-IPO investors in China Shanshui Cement Group yesterday took advantage of a strong rally in the company's share price over the past couple of weeks to cash in part of their holdings. And it seemed investors were only too happy for the opportunity to buy into an otherwise fairly illiquid name in a sector that is one of the key beneficiaries of the infrastructure spending generated out of China's economic stimulus package -- never mind that the stock is already trading at record levels.

According to sources, the HK$1 billion $129 million placement, which accounted for 9.8% of the market capitalisation, was almost three times covered and was priced close to the top...

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