Chi Mei's optical illusion

One of the most unusual equity-linked offerings from Asia in recent years perplexes the convertible market.

Chi Mei Optoelectronics was finally able to access the international equity markets late on Thursday Asian time with the completion of a $225 million convertible via lead manager Morgan Stanley. Getting funding locked in place for its 5G fab is likely to have come as a considerable relief to the world's fourth largest TFT-LCD manufacturer since it completely mistimed the sector's last cycle.

Having only listed on the domestic stock exchange last August, the company just missed...

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