China LotSynergy raises $75m for mobile expansion

Mobile gambling in China. What could be hotter? The provider of lottery systems attracts strong outright demand to seal convertible deal.

Former penny stock China LotSynergy, a lottery systems provider listed in Hong Kong, shrugged off recent market volatility on Tuesday as it successfully sold a HK$580 million $75 million convertible bond.

The company pushed ahead with its deal despite the sharp recent fall in its share price as CB investors kept up their strong interest in new Asian issuance. LotSynergy shares have come off so much that its conversion price of HK$0.93, which represented a premium of more than 20% to its Tuesday close, was still lower than its March high of HK$0.95.

The deal had a standard structure with a...

¬ 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