Cancelled CB/placement

Dongyue scraps concurrent CB and secondary share placement

Dongyue cancels the combined deal after its controlling shareholder declines to sell shares at the bottom of the price range, a source said.
<div style="text-align: left;">
The refrigerants made by Dongyue are used in a variety of products, including air conditioners (ImagineChina) </div>
<div style="text-align: left;"> The refrigerants made by Dongyue are used in a variety of products, including air conditioners (ImagineChina) </div>

After more than 30 hours of trying to patch together a deal and a two-day suspension of the stock, Dongyue Group early Friday evening called off its renminbi-denominated convertible bond offering and the concurrent placement of secondary shares to be sold mainly by its largest shareholder.

The company, which is the leading producer of refrigerants and polymers in China and also makes organic silicon, was looking to raise at least Rmb632 million $100 million from the CB, while the placement was targeting between $115 million and $122 million.

The cancellation of the deal came after several other companies have seen their share prices underperform following recent...

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