Anta Sports Products Ltd., a Chinese developer of sportswear, declined the most in six months after raising about HK$11.8 billion ($1.5 billion) through a top-up placement in Hong Kong, completing the city’s largest additional share sale since October 2021.
(Bloomberg) — Anta Sports Products Ltd., a Chinese developer of sportswear, declined the most in six months after raising about HK$11.8 billion ($1.5 billion) through a top-up placement in Hong Kong, completing the city’s largest additional share sale since October 2021.
Shares fell as much as 9% to HK$99.05 on Tuesday after the firm priced 119 million shares at HK$99.18 each, according to a filing. They were sold at a discount of 8.8% to Monday’s close and priced near the bottom of a range that went as high as HK$102.27 in terms of the deal seen by Bloomberg on Monday.
The additional share sale is Hong Kong’s largest since Chinese car and battery maker BYD Co. raised about $1.78 billion in a share placement 18 months ago. After a busy start to the year, block sales and placements in the Asian financial hub slowed down amid an increase in volatility with equities trading.
Anta Sports plans to use the proceeds for the repayment of outstanding debt and for general working capital of the group. Citigroup Inc., Morgan Stanley and UBS Group AG are the placing agents.
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