Chinese juice company issues dim sum convertible

Unlisted Garden Fresh breaks new ground with a Rmb100 million CB denominated in offshore renminbi. The CB is expected to be followed by a Hong Kong IPO in the next three years.

A China-based producer of fruit and vegetable juices that is aiming to list in Hong Kong within the next three years has issued a convertible bond denominated in offshore renminbi. The offering, which was guaranteed by its Singapore-listed parent company, is believed to be the first CB to tap into the offshore pool of renminbi in Hong Kong, based on the limited records that exist for this asset class.

Like the first straight bond...

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