Harvest time for Chaoda and chairman

Chinese fruit and vegetable firm sells CBs and its chairman sells $72 million worth of his stock.

ChinaƆs largest fruit and vegetable grower Chaoda Modern Agriculture was the second Hong Kong-listed company to raise funds last night April 3 after its share price closed at a fresh record high and the Hang Seng Index broke through 16,000 points for the first time in five years.

Instead of issuing new shares at a discount to the current share price, however, the company opted to sell $173 million worth of convertible bonds in order to raise equity at what...

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