China trio of share placements aims to raise $12bBusiness | Kevin Xu and Bloomberg 10 Jan 2020
At least three companies including Sunac China (1918), Wuxi Biologics (Cayman) (2269), and Sunway will opt for share placements to raise more than HK$12 billion.
Sunac is to raise about HK$7 billion by placing shares at between HK$42.7 to HK$43.7, equivalent to a discount of about 7 percent to yesterday's closing price of HK$46.65. Sunac's share placement came when many mainland developers are issuing dollar-dominated debts in a tightening funding squeeze.
Shares of Sunway International (0058), which suspended trading from December 2, surged 65 percent to HK$0.132 after resuming trade yesterday.
Wealthy Port, wholly owned by Sunway International's executive director Oscar Chim Sai-yau, purchased 149 million shares of Sunway at HK$0.1, a premium of about 25 percent to the closing price of HK$0.08 on November 29, according to the company's filing to the stock exchange.
Also, Wuxi Biologics (Cayman) is to raise about HK$5.1 billion at between HK$95 to HK$97, a discount of about 7 percent to its closing price of HK$103.2.
In other news, two of China Evergrande Group's wealth-management affiliates - Evergrande Wealth Management and Chenyu Investment Management (Shenzhen) - have been warned by local authorities about fundraising without a license.