Longfor sparks hope for block spree despite fall
Longfor Properties raised HK$3.09bn ($396m) from a top-up share sale this week, taking advantage of a more than 49% share price rise since the beginning of the year. But the stock soon dropped 8.68% in the secondary market, exaggerating a wider downturn in real estate stocks, said bankers.
Hedge funds made up the majority of the order book for the deal, which had demand from around 80 investors overall. That weakened the resilience of the stock in the secondary market, and it fell 8.68% on Wednesday, its first day of trading, retracing some of its 49.5%
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.