Kingsoft brings first Asian CB in six weeks

The deal attracts the attention of both hedge funds and outright investors and is upsized to $175 million.
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Kingsoft is the creator of JX Online, a massively multiplayer online role-playing game
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<div style="text-align: left;"> Kingsoft is the creator of JX Online, a massively multiplayer online role-playing game </div>

Kingsoft Corp, a Hong Kong-listed software developer, last night became the first company to issue a convertible bond of size in Asia since late May.

The Hong Kong dollar-denominated deal was upsized in full and ended up raising HK$1.356 billion $175 million.

The deal was well received by both hedge funds and outright investors thanks to a decent coupon and a stock lending facility. And since most Chinese internet technology companies are listed in the US, it offered CB investors in the region a rare opportunity to get exposure to the sector.

It remains to be seen, however, whether it will...

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