Dongyue pulls out of convertible and secondary selldown

Dongyue Group and its major shareholder, Macro-Link International Investment, cancelled a dual tranche capital-raising at the end of last week, after planning a HK$943.2m ($121.5m) secondary share sale and a synthetic Rmb821m ($130.16m) convertible bond.

  • 26 Apr 2012

There was enough demand to price the equity sale at the bottom of the range, but the management decided not to accept this price and the convertible bond was also cancelled, according to bankers on and off the deal.

This was a big embarrassment for bookrunner UBS because it ...

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Rank Lead Manager Amount $m No of issues Share %
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2 Citi 16,648.84 65 9.86%
3 HSBC 14,502.17 79 8.59%
4 Deutsche Bank 10,659.15 37 6.31%
5 Standard Chartered Bank 8,423.03 47 4.99%

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2 JPMorgan 5,401.27 19 13.36%
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4 HSBC 3,569.27 7 8.83%
5 Morgan Stanley 2,703.86 10 6.69%

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4 Deutsche Bank 3,547.08 9 6.52%
5 Standard Chartered Bank 3,538.08 13 6.50%

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