HC Intl stock slips in secondary after $100m hedge-fund heavy CB
Chinese B2B e-commerce company HC International raised HK$780m ($100.5m) on Thursday night by selling a convertible bond, opting to tap the equity-linked market to save on costs that it might otherwise have to shell out for high yield debt. But the CB’s heavy reliance on hedge funds was reflected in Friday morning’s trade when shares plummeted as investors shorted their equity.
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