A shareholder related to the chairman of Yongda Auto (3669) is seeking up to HK$507 million through a placement, marking a sharp rise in local share sales as the Hang Seng Index approaches a two-year high.
Gu Mingchang, brother- in-law of chairman Cheung Tak-on, is selling up to 61 million shares held by his vehicle, Sun Moon China Investment, at HK$7.90 to HK$8.20 apiece.
The placement follows Goldman Sachs disposing of its remaining stake in Industrial and Commercial Bank of China (1398) for US$1.1 billion (HK$8.58 billion) on Monday. On the same day PICC Property and Casualty (2328) announced its second rights issue in two years worth HK$7.3 billion.
On Tuesday, an investor of Beijing Jingneng Clean Energy (0579) placed 60 million shares to raise HK$193 million. Health spa operator Modern Beauty (0919), meanwhile, sold convertible bonds to two investors to raise up to HK$89.3 million. CATHY WU and VICTOR CHEUNG