China High Speed Transmission has raised Rmb2 billion $285 million from the sale of renminbi-denominated convertible bonds, taking advantage of a slight improvement in the credit markets. The offering, which was launched and priced on Tuesday night, also came on the back of a strong earnings report that sparked confidence about the share price outlook. The stock soared 22% on Monday and Tuesday this week, although half of that came before the release of the full-year earnings.
The manufacturer of gearboxes for wind power turbines attracted good interest for the US-dollar settled bonds, and was able to increase the deal from an initial Rmb1.75 billion $250 million using part of the available upsize option....
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