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Follow-ons and Rights issues

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  • US-listed OneConnect Financial Technology Co, a Chinese company whose stock price has doubled this year, is tapping equity investors for new funds.
  • Energias de Portugal, Portugal’s largest utility, closed its cash call in Lisbon on Friday with 93.8% of shareholders taking up their rights. However, the company attracted demand worth 256% of the €1bn offering. Market watchers hope the result augurs well for Spanish telecoms operator Cellnex's rights issue on Thursday.
  • Alibaba Health Information Technology navigated concerns around its lofty valuations to pull off Hong Kong’s largest primary follow-on in five years, raising HK$10bn ($1.29bn) after boosting the size of the deal. The transaction closed with a bulging book, showing that demand for the healthcare sector is yet to peak. Jonathan Breen reports.
  • Hammerson, the UK property company, launched a £550m rights issue on Thursday morning, becoming the latest firm to come to market with a large capital raise to offset the damage of a long Covid-19 pandemic.
  • Hope Education Group made its debut visit to the equity capital market this week, raising HK$1.2bn ($153m) after increasing the size of a primary share placement.
  • Investors threw their weight behind Housing Development Finance Corp's Rp140bn ($1.87bn) fundraising this week.