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

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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition