Private equity firm Hony Capital has raised $1.26 billion after selling off its entire 23% stake in CSPC Pharmaceutical, exploiting the company’s near 20% 11-day rise as mainland investors continue to flood the Hong Kong markets.
CSPC Pharmaceutical’s shares have jumped 18% since March 27, in line with the Hang Seng Index, which has risen 13% in the same time period.
The accelerated share sale launched late Thursday evening in Hong Kong, with Hony Capital seeking to raise up to $1.26 billion under the joint leads of CICC, Goldman Sachs, Morgan Stanley and UBS.
Some 1.37 billion shares were on offer all...
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