Prudential PLC (LSE:PRU) shares made a steady start in Hong Kong following its £1.8bn (HK$18.5bn) placing in spite of the Hang Seng index dropping 2% as beleaguered property group Evergrande was suspended.
The Pru issued 130.8mln new shares in Hong Kong at a price of HK$143.80, which rose to around HK$151.10 near the close.
Mike Wells, Prudential’s chief executive, said: "Prudential is now entirely focused on long-term structural growth opportunities in Asia and Africa.
“We have market-leading positions in high growth markets where there is increasing demand for the health protection and savings products we provide.
“We are well-positioned to take advantage of the opportunities ahead of us and are focused on reinvesting our capital for growth at attractive margins, having generated nearly 4 dollars of value for every dollar invested in new business."
Prudential placed shares with insitiutions, employees and local residents through the funding.