Based on the cover page headlines on the Business Times today, it is ‘unofficially official’ that new kings have taken over Peter Lim’s throne.
What really catch my attention are not free Lexus/ BMW etc, but their biggest corporate deals cited: Half a billion dollars they raised via placement for China Hongxing Sports last year.
The placement is priced at $1.18 and this has contributed to the strong balance sheet with China Hongxing current net cash of RMB2.6bn. Good job done for China Hongxing.
The placees shall be very happy too at that time because they got to buy the placement share at a discount of 5.14% to the weighted average price of S$1.2439 per Share. China Hongxing is a market darling.
China Hongxing last closed at $0.29 on 12 Sept 2008.
This is a wobbling 75.4% lost, if the placees have hold on to the placement shares as so call ‘long term investment’.
A disservice?
Nonetheless, the ability to market placement at the peak before a deep and long plunge is something admirable, really.
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