Hong Kong market rebound rolls on as 3 companies unveil plans to raise funds in the city
State-owned Sinopec, a mainland medtech firm and Hong Kong’s CSI Properties plan to raise funds amid surging activity
The seven-year bonds, which pay 0.75 per cent interest annually, may be exchanged into shares of the group’s Hong Kong-listed unit China Petroleum & Chemical Corp at HK$6 each, or 46 per cent above its current market price, according to the filing.
In addition, medical equipment maker Shanghai Microport Medbot plans to raise an estimated HK$389.6 million in Hong Kong by issuing a total of 25.1 million new shares at HK$15.50 each. The estimated net proceeds of about HK$382.3 million would be used to fund research and development and replenish working capital, it said.
Elsewhere, Hong Kong-based property investment firm CSI Properties said it would issue new three-year notes, according to a filing. The offering amount, to be announced at a later date, would be used to optimise its debt structure.
Hong Kong’s capital markets started to rebound in late 2024 after three years of declines. The total market capitalisation of stocks traded in Hong Kong stood at US$38.8 trillion at the end of April, up 21 per cent from a year ago, according to exchange data. The average daily turnover was US$274.7 billion, an increase of 145 per cent.