Dongyue scraps concurrent CB and secondary share placement

Dongyue cancels the combined deal after its controlling shareholder declines to sell shares at the bottom of the price range, a source said.

Dongyue scraps concurrent CB and secondary share placement
The refrigerants made by Dongyue are used in a variety of products, including air conditioners (ImagineChina)

After more than 30 hours of trying to patch together a deal and a two-day suspension of the stock, Dongyue Group early Friday evening called off its renminbi-denominated convertible bond offering and the concurrent placement of secondary shares to be sold mainly by its largest shareholder.

The company, which is the leading producer of refrigerants and polymers in China and also makes organic silicon, was looking to raise at least Rmb632 million $100 million from...

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