Xingda International placement upsized to $125 million

The upsize option is fully exercised, increasing the size of the deal by 26%.

Xingda International, a Hong Kong-listed Chinese maker of radial tyre cord for trucks, and some of its existing shareholders yesterday raised a combined HK$964.4 million $125 million from a share placement. The Jiangsu-based company's portion of the proceeds will be used to fund the development of existing facilities and new products.

The offering comprised 175.34 million shares, or 11.5% of the enlarged share capital, which were sold at HK$5.50 apiece. The final price was fixed towards the low end of the range and represents a 7.6% discount to Wednesday's closing price of HK$5.95. The stock was suspended throughout yesterday's trading session.

This was a great time for the company to...

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