Xinming China Rights Offering Under Subscribed; Shares Gain 9%
MT Newswires Live
Jul 14
Xinming China (HKG:2699) said its previously disclosed rights offering was under subscribed, according to a Hong Kong bourse filing Friday.
Shares of the property developer rose over 9% in afternoon trade Monday.
The firm was offering 75,144,880 rights shares at HK$1.12 apiece on the basis of four rights shares for every one share held.
Of the total, the company received 8 valid acceptances for 12,884,918 shares, representing 17.15% of the rights offered.
The remaining 62,259,962 will now be offered to independent placees, Xingming said.
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