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Haitong International sells $500 mln zero-coupon convertible bonds
October 12, 2016 / 2:32 AM / in a year

Haitong International sells $500 mln zero-coupon convertible bonds

HONG KONG, Oct 12 (Reuters) - Haitong International Securities Group Limited said on Wednesday that it has sold HK$3.88 billion ($500.15 million) zero-coupon convertible bonds, which were twice times oversubscribed, in the first such bond sale from a Chinese brokerage in Hong Kong.

The initial conversion price of the bonds was HK$6.81 per share, representing a premium of about 32 percent over the last closing price of HK$5.16 per share on Oct. 11.

The bond offering was well received by institutional investors and the orderbook amounted to three times of the issuance volume, the firm said in a statement.

Proceeds of the bonds will be used to support the expansion of its business operation, it added.

Haitong International Securities Group Ltd is a subsidiary of Haitong International Holdings Ltd, a company incorporated in Hong Kong in 2007 and wholly owned by Haitong Securities . ($1 = 7.7576 Hong Kong dollars) (Reporting by Michelle Chen; Editing by Shri Navaratnam)

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