Yue Yuen and Sinopec launch placements

An active day for the Hong Kong Stock Exchange with two block trades.

Two placements each raising about $80 million were launched yesterday Tuesday, with Credit Suisse First Boston leading a 40 million share deal for footwear manufacturer Yue Yuen Industrial and Merrill Lynch a 457.3 million issue in China's downstream oil major Sinopec.

Both came off the back of strong share price performances, with Yue Yuen also spurred by the prospect of MSCI inclusion at the end of May, which will bring index trackers on board.

Taiwan's Tsai family raised HK$616 million $80 million from the sale of a 2.57% stake in Yue Yuen, which was priced after the Hong Kong close, although allocations will not be finalised until this morning....

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