yurun-placement-is-reoffered-at-125-discount

Yurun placement is re-offered at 12.5% discount

The deal size is reduced to $202 million as initial terms prove too tight for investors.
Chinese pork meat producer China Yurun Food Group and its chairman yesterday raised HK$1.58 billion $202 million from a joint share placement, which offered clear proof that investors have taken note of the 4.3% correction in the secondary market over the past couple of days.

The deal, which was led by Goldman Sachs and UBS, failed to drum up enough support even though it was in the market virtually through the entire Hong Kong trading day. It wasnÆt until it was re-offered at a lower price in the early evening that the leads could finally close it. While it is unusual that a placement is re-offered at all, the large price reduction, which...
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