china-nickel-draws-demand-for-hk2-billion-cb

China Nickel draws demand for HK$2 billion CB

The company's transformation into an integrated stainless steel company and stellar earnings add to the strong interest.
Hong Kong-listed China Nickel Resources has raised HK$2 billion $256 million from a convertible bond that attracted a lot of attention because of the companyÆs transformation from a special steel manufacturer into an integrated stainless steel company.

The companyÆs expansion both upstream, through the acquisition of purchase rights from an iron-nickel mine in Indonesia, and in the mid- and downstream segment of the market, through the addition of its stainless steel business, is already paying off with a five-fold increase in its first half net profit. And analysts are expecting further strong earnings growth and a continued re-rating of the share price as this transformation continues.

Given that the CB provides investors 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