China Cord Blood Takes Hit on Secondary Offering

On Friday, China Cord Blood Corporation priced a secondary issue of 8,050,000 ordinary shares at $4.50 per share, a steep 20% discount to the previous close of $5.66. Shareholders didn’t like the size of the discount and reacted by selling off their holdings of the company. The shares plunged $1.69 lower to $3.97, a 30% loss on very heavy volume. More details.... Stock Symbol: (NYSE: CO)