Norton Rose Fulbright has advised China Merchants Securities (HK) Co., Ltd as the sole placing agent in the top-up placing of 968,000,000 shares in China Chengtong Development Group Limited (China Chengtong), a company listed on the main board of the Hong Kong Stock Exchange.

China Chengtong is primarily engaged in property development, property investment, financial leasing, hotel and marine travelling services, bulk commodity trade and trading and processing of coal.

The shares were offered at the placing price of HK$1.01 per share, and the gross proceeds will amount to approximately HK$978 million. The proceeds from the placing exercise are intended to be used for general working capital purposes.

The team was led by Hong Kong partners Psyche Tai and Allan Yee, assisted by senior associate Vicky Lam and associate Marco Cheng.