Sina sells $700 million of CBs while YY falters

US-listed YY is forced to pull its $250 million convertible bond after initially revising the terms and re-offering it below par. But Sina attracts strong demand.
Sina's latest CB proves as popular with investors as its Twitter-like micro-blogging site Weibo.com is with the Chinese public.
Sina's latest CB proves as popular with investors as its Twitter-like micro-blogging site Weibo.com is with the Chinese public.

Sina Corp, the Nasdaq-listed Chinese online media company, raised $700 million from the sale of convertible bonds on Friday, making it the fourth internet-focused Chinese company to tap the US equity-linked market since late August.

The deal, which has a five-year maturity and comes with a three-year put option, was timed to take advantage of a positive market response to Sina’s third-quarter earnings and attracted a lot of demand from investors both in the US and Asia. This allowed the company to upsize the deal from an initial $600 million plus a $90 million greenshoe to $700 million plus a $100 million greenshoe.

The shoe can be...

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