Far East closes $470m follow-on after offering big discount

27 Mar 2012

Chinese financial services company Far East Horizon raised HK$3.64bn ($468m) on Monday, after closing the first follow-on deal since its Hong Kong listing last March.

The deal was mostly bought by existing shareholders, after some investors were put off by the company’s weak secondary liquidity, according to bankers on and off the deal.

The financial services company sold 450m shares for HK$6.40 each, representing a 9.09% discount to its last closing price of ...

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