Jun 15, 2010 1:09 PM GMT+1000
China Lilang Ltd., owner of China’s biggest men’s clothing brand, dropped the most since its stock started trading in Hong Kong after an investor said it would sell part of its stake in the company.
The stock fell as much as 8.5 percent to HK$8.57 and traded at HK$8.60 at 10:27 a.m., the biggest decline since an initial public offering last September. Ming Lang Investments Ltd. agreed to place 80 million shares worth HK$680 million ($87 million) with institutional investors for HK$8.50 each, Lilang said in a statement to Hong Kong stock exchange today.
Ming Lang will reduce its stake in Lilang to 5.71 percent from 12.38 percent, it said. Bank of America Corp. unit Merrill Lynch and HSBC Holdings Plc are joint bookrunners on the deal, according to the statement.
Article at: http://www.bloomberg.com/news/2010-06-15/clothier-lilang-falls-by-record-after-investor-places-87-million-shares.html
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