Chinese companies rush to tap US convertible bond market [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: Yahoo! Finance
Traditional US equity fundraising routes such as initial public offerings and follow-on share sales have been almost completely shut to Chinese companies since the disastrous listing of rideshare group Didi ( DIDIY ) in 2021, which delisted the following year after regulatory scrutiny. In recent weeks, however, a string of large Chinese technology groups have raised billions of dollars through issuing convertible bonds. Such debt typically pays a lower coupon than conventional bonds, but can be converted into stock if a company's valuation rises to a pre-agreed level. Ecommerce groups Alibaba ( BABA ) and JD.com ( JD ) and travel platform Trip.com ( TCOM ) have issued a combined $8.3bn worth of dollar-denominated convertibles over the past month, and analysts expect more companies to follow suit. “It makes a lot of sense for these larger, megacap Chinese tech names,” said Michael Youngworth, a convertibles strategist at Bank of America. “I wouldn't be surprised to see the trend
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BABA
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- 5/14/24 - Beat
BABA
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- 6/14/24 - Form 6-K
- 5/31/24 - Form 6-K
- 5/30/24 - Form 6-K
- BABA's page on the SEC website