Xinyi Glass placement upsized to $127 million

One might have thought that investors would tread cautiously around a stock that has already risen more than 200 percentthis year, but as it were, investors were happy to buy Hong Kong-listed Xinyi Glass Holdings last night when the stock was offered through a combined placement of new and existing shares. The share sale was ultimately upsized by 21 percent, which resulted in a final deal of HK$986 million ($127 million).The price was fixed at the bottom of the range for a 7.6 percentdiscount but because of strong gains this week, the final placement price was still above Friday's closing price. China International Capital Corp and Citi acted as joint bookrunners for the offering.Xinyi Glass, which makes high-quality float glass and glass products for the construction and automobile sectors -- and has recently begun to move into the solar power sector -- is viewed as a key beneficiary of the emerging signs of a recovery in both property sales and car sales, according to a May 27 FinanceAsia.com report.

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