Pursuits
Hong Kong Stocks a Seller’s Market With $3.4 Billion Dumped
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As mainland Chinese investors rush to buy Hong Kong stocks, backers of some of the city’s biggest companies are doing the opposite.
Investors led by Hony Capital sold $3.4 billion of Hong Kong stock through secondary offerings in April, already the highest monthly tally in 1 1/2 years, data compiled by Bloomberg show. Hony, a Chinese private-equity firm, raised $1.3 billion Friday offloading its stake in CSPC Pharmaceutical Group Ltd. after the drugmaker rose last week to a one-year high.