China Molybdenum plans to raise $2.8b

China Molybdenum Co Ltd, the country's largest manufacturer of the soft metal widely used in industry, has revealed plans to raise as much as 18 billion yuan ($2.8 billion) via a share placement.

CMOC shares rose 5.3 percent to close at HK$1.59 (20 cents) on Monday, following the share placement announcement, as the benchmark Hang Seng Index dropped 0.22 percent.

Trading in its Shanghai shares was suspended pending an announcement.