Tom.com completes placement

Taking advantage of a strong rally in its share price, the media group issues 450 million shares.

Citigroup completed a top up placement for Tom.com yesterday Thursday, raising total proceeds of $133 million after the deal was increased by nearly one third on the back of strong subscription. The placement comes on the heels of a strong share price rally, which has seen the stock climb 31.72% year-to-date and as such many are likely to view the deal as an opportunistic cash call.

However, while Tom.com has outperformed the Hong Kong indices, its performance pales against that of the US listed Chinese portals, which have risen spectacularly on the back of intense hedge fund activity. Both Sohu.com and Netease.com have returned roughly 2,400% over a 12-month basis, while Sina...

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