Last week was a week of firsts for Deloitte Touche Corporate Finance. Fresh from launching its first Chinese IPO, it claims it has pioneered a new convertible structure in Asia.
The deal is for Global Link Cyber International - which will soon change its name to China Biomedical Group. The novel structure is a convertible drawdown, and while commonly used by growth companies in the US, it is the first time it has been used in Hong Kong.
The issuer Global Link has signed up for a $30 million equity line. This allows the company to draw down up to $8 million per month interest free, which the investor can then...
