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Booming metal prices could bring more equity deals
International tension has propelled valuations in the sector up, tempting issuers
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The Pre-Emption Group, an assembly of listed companiesm investors and intermediaries that monitors pre-emption rights in the UK, has changed its guidelines to say that the impacts of the Covid-19 coronavirus means investors should support companies selling new shares worth up to 20% of their market capitalisation without giving existing shareholders first refusal. -
WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).
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Viva China Holdings has bagged HK$1.51bn ($194.3m) after selling a block of shares in Chinese sportswear manufacturer Li Ning Co at the top of the marketed range.
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Equity capital markets are adjusting to life in quarantine, with most bankers saying they are well set up to work remotely during Covid-19 lockdowns. Even syndicate bankers, natural sceptics to home working, are starting to have faith that business can be done at a distance.
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Viva China Holdings is selling a chunk of stock in sportswear manufacturer Li Ning Co worth as much as HK$1.51bn ($194.3m).
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Equity capital markets are slowly reopening for companies at a time when there is a dire need for funding. However, the Covid-19 sell-off in global stock markets in the past month has meant that funds and asset managers have had limited inflows, meaning they have less cash to use in new deals. This is leading to a higher degree of selectivity.
