Property Developer Jiayuan Places More Shares

Jiayuan International said it will raise HKD1,167 million by way of top up placement of up to 352,500,000 existing shares at HKD3.35 per share. The company said the net proceeds raised will be primarily used for general working capital.

The placing price represents a discount of approximately 11.61% to the closing price of HKD3.79 per share quoted on the Stock Exchange on 6 June 2017. The number of placing shares represent approximately 18.88% of existing issued share capital of the Company and 15.88% of the issued share capital of the Company post-subscription.

The placement was welcomed by institutional investors and will increase the Company’s float to 39.19% upon completion. Shum Tin Ching, Founder and Chairman of Jiayuan International said, “The reception of such placement was positive and fully reflects the optimism of institutional investors over Jiayuan International’s outlook. The proceeds raised will further enlarge our shareholder and capital base, which will provide us with adequate capital for land bank acquisition.”

- APMR News