Hopson tops up capital as equity market cools
Hopson Development Holdings became the latest Chinese property company to tap the equity capital markets late on Wednesday with a $200m follow-on, but bankers warned that share placements were becoming harder to sell after a big rally in equity prices.
Hopson sold 120m new shares at a price of HK$13.30, a discount of 8% to its last traded price of HK$14.46. UBS and Deutsche Bank handled the offer, which was structured as an accelerated institutional bookbuild, after holding off stiff competition from five other banks.
The placement came
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