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Follow-ons and Rights issues

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  • Chinese housing-related platform operator Ke Holdings, which listed in August in New York, is back again to the equity market. It is looking to raise around $2.6bn from a follow-on offering.
  • Chinese e-commerce giant Pinduoduo has kicked off a multi-billion-dollar equity fundraising exercise, taking advantage of a sharp rally in its share price this year to aim for as much as $4.85bn.
  • Rolls-Royce, the UK aerospace company, completed its rights issue on Thursday, with the cash call proving to be a resounding success. The deal benefited from a late boost on Monday, when US drug company Pfizer said it had enjoyed successful late-stage trials for a Covid-19 vaccine, giving investors hope that Rolls-Royce engines would be powering more planes into the sky sooner than expected.
  • Ascendas Real Estate Investment Trust has tapped the equity market for S$1.19bn ($887.7m) to finance a global purchasing spree.
  • Shopping centre group Unibail-Rodamco-Westfield's planned €3.5bn rights issue has been cancelled after a group of activist shareholders convinced investors to reject it ahead of an extraordinary general meeting.
  • Ascendas Real Estate Investment Trust has launched an offering of new shares, eyeing S$1.2bn ($891.6m) to fund acquisitions across the US, Europe and Asia Pacific.