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.
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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