Xinao Gas completes placement

Chinese gas distributor raises funds for ambitious expansion plans.

Hong Kong-listed Xinao Gas raised HK$469 million ($60 million) from an increased top up placement yesterday (Monday). With HSBC as lead manager, the company raised the deal size from 102 million shares to 122 million shares and priced the offering at a fixed discount of 8% to Friday's HK$4.175 close.

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