Biostime raises $322 million from CB

Chinese baby formula milk continues to be a winner with investors.
Biostime's European-sourced milk powder is sold as a premium product
Biostime's European-sourced milk powder is sold as a premium product

Biostime International, a Chinese milk powder company, made its post-IPO capital markets debut on Tuesday with a HK$2.5 billion $322 million convertible bond.

Taking advantage of a share price that has tripled in the past year, the Hong Kong-listed company raised zero-coupon finance at a time when interest rates and straight bond yields are expected to edge higher as the US Federal Reserve continues to unwind its asset purchases and the US economy recovers.

Biostime sources its milk powder in Europe and sells at the premium end of the Chinese market, which has allowed it to profit from the toxic-additive scandals at domestic dairy firms...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222