Fufeng Group sells Rmb820 million of international CBs

The MSG producer holds above par in the secondary market, reversing a recent trend that has seen several CBs trade lower after pricing.

Hong Kong-listed Fufeng Group on Thursday evening raised Rmb820 million $120 million from a renminbi-denominated, but US dollar-settled, convertible bond that was well received by investors -- so well in fact that it was able to hold above par, reversing a recent trend that has seen several new deals fall below par in the secondary market. The positive aftermarket trading came even though the share price fell 3.75% on the day.

Sources referred to the company's strong market position as...

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