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China Jinmao (00817) drops 5.8% after top-up placing 
 China Jinmao Holdings (00817) has been trading 2.5-5.8% lower at HK$3.74-3.87 today after announcing a top-up placing at HK$3.70 per share. The stock is now down 3.8% at HK$3.82, with turnover amounted to HK$4.21 billion.

Up to 900.124 million new shares (representing 7.78% enlarged issued share capital) will be placed by China Jinmao Holdings to Sinochem Hong Kong, after the latter agreed to place a same amount of existing shares of China Jinmao Holdings at the same price per share. The net proceeds of HK$3.306 billion will be used by China Jinmao Holdings as general working capital.

The shareholding of Sinochem Hong Kong in China Jinmao Holdings will be diluted from 53.95% to 49.76% after the top-up placing.

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