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Follow-ons and Rights issues

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  • 21Vianet Group, a Chinese internet and data centre provider, is tapping equity investors with a follow-on offer of new American Depository Shares.
  • Phoenix Mills, an Indian retail mall developer and operator, bagged Rp11bn ($146.7m) in fresh equity this week from a qualified institutional placement.
  • Nasdaq-listed Futu Holdings, parent of Chinese online brokerage Futu Securities, has raised $313.5m from a follow-on offering, hitting the market on the back of a more than 200% surge in its share price this year.
  • A wave of companies from some of the most distressed industries will test risk appetite with rights issues this autumn, such as shopping mall landlord Hammerson and International Airlines Group, the parent of British Airways. These firms may raise the money they need and survive, but investors would be well advised to exercise extreme caution, for the future is not bright.
  • Chinese state-controlled Irico Group New Energy, a solar cell glass maker, has raised HK$2bn ($260.1m) from a dual placement of primary H-shares.
  • Futu Holdings, parent of Hong Kong-based brokerage Futu Securities, has kicked off bookbuilding for a follow-on of primary stock.