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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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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.
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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.
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Futu Holdings, parent of Hong Kong-based brokerage Futu Securities, has kicked off bookbuilding for a follow-on of primary stock.
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Equity capital markets bankers are expecting to have more mergers and acquisitions to finance in the coming months as companies seek to acquire rivals weakened by the Covid-19 pandemic or try to save themselves by bulking up.
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Unibail-Rodamco-Westfield (URW), one of the largest owners of shopping malls in the world, is considering a large rights issue to reduce its leverage as the retail industry grapples with the economic fallout of the global Covid-19 pandemic.
