Hong Kong Exchanges & Clearing Ltd., the world’s No. 2 bourse company by value, is selling $1 billion in new shares to fund its London Metal Exchange takeover.
The company plans to raise HK$7.75 billion ($1 billion) in its first sale of new shares since listing by introduction in 2000. Hong Kong’s government said it will buy 3.81 million, or 5.8 percent, of the securities, which are being offered at HK$118 each, a 5.4 percent discount to yesterday’s closing price of HK$124.80. The stock fell 1.2 percent to HK$123.30.