Rong­sheng shares jump af­ter bond is­sue news

China Daily (Hong Kong) - - BUSINESS -

China Rong­sheng Heavy In­dus­tries Group Hold­ings Ltd, a ship­yard seek­ing fi­nan­cial as­sis­tance from the govern­ment, surged the most in more than nine months af­ter it agreed to is­sue con­vert­ible bonds to raise cap­i­tal. The com­pany aims to raise a net HK$1.38 bil­lion ($178 mil­lion) from sell­ing the bonds to Ac­tion Phoenix Ltd, it said in a state­ment to the Hong Kong stock ex­change on Wed­nes­day. The bonds ma­tur­ing in 2016 have a coupon of 7 per­cent, and the ini­tial con­ver­sion price is HK$1 a share, about 22 per­cent more than yes­ter­day’s clos­ing price, the com­pany said.

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