Harvest time for Chaoda and chairman

Chinese fruit and vegetable firm sells CBs and its chairman sells $72 million worth of his stock.
ChinaÆs largest fruit and vegetable grower Chaoda Modern Agriculture was the second Hong Kong-listed company to raise funds last night April 3 after its share price closed at a fresh record high and the Hang Seng Index broke through 16,000 points for the first time in five years.

Instead of issuing new shares at a discount to the current share price, however, the company opted to sell $173 million worth of convertible bonds in order to raise equity at what it hopes will be an even higher share price in the future. The money from the bonds will go towards the expansion of farm land.
At the same time the companyÆs Chairman Kwok Ho cashed...
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