(Bloomberg) — Anta Sports Items Ltd., a Chinese developer of sportswear, declined the most in six months just after raising about HK$11.eight billion ($1.five billion) by means of a leading-up placement in Hong Kong, finishing the city’s biggest added share sale due to the fact October 2021.

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Shares fell as a lot as 9% to HK$99.05 on Tuesday just after the firm priced 119 million shares at HK$99.18 every single, according to a filing. They had been sold at a discount of eight.eight% to Monday’s close and priced close to the bottom of a variety that went as higher as HK$102.27 in terms of the deal noticed by Bloomberg on Monday.

The added share sale is Hong Kong’s biggest due to the fact Chinese automobile and battery maker BYD Co. raised about $1.78 billion in a share placement 18 months ago. Following a busy start out to the year, block sales and placements in the Asian monetary hub slowed down amid an improve in volatility with equities trading.

Anta Sports plans to use the proceeds for the repayment of outstanding debt and for basic functioning capital of the group. Citigroup Inc., Morgan Stanley and UBS Group AG are the putting agents.

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