Shanghai Industrial issues HK$3.9 billion CB

The company's exposure to China real estate and the large deal size help to counter the fairly aggressive terms, particularly for outright investors.

Shanghai Industrial issues HK$3.9 billion CB
The Jing-Hu Expressway, one of three toll roads owned by Shanghai Industrial

Hong Kong-listed Shanghai Industrial, a conglomerate backed by the Shanghai municipal government, last night raised HK$3.9 billion $503 million from a Hong Kong dollar-denominated convertible bond.

The deal launched just two hours after Lotte Shopping hit the market with Asia’s first equity-linked deal this year. At first glance this seemed a bit odd as there could be a risk that the two deals might cannibalise on each other’s demand. However, two of the bookrunners...

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