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.

Books opened at 9.30am Hong Kong time and closed two hours later roughly three times covered with participation from just over 50 investors. By demand, the book was said to have been fairly evenly split across the three regions, with allocations skewed towards the US and Europe, leaving Asia about 30%.

The controlling shareholder, Easy Win Enterprises, will...

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