CHINA HONGQIAO Plans Convertible Bonds at 25.3% Premium; Expects Net Proceeds of USD1.469 Billion
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CHINA HONGQIAOannounced a proposed issuance of zero-coupon convertible bonds due 2027, with an initial principal amount of RMB10.2 billion and a conversion price of HKD43.9, reflecting a 25.3% premium over the previous closing price. The expected net proceeds of approximately USD1.469 billion will be allocated for aluminum raw material procurement, debt refinancing, overseas investments, share repurchases, and general corporate purposes. The company plans to repurchase around 11.276 million shares at HKD33.99 each as part of the offering.
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