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%
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