HC Intl nets $100m in hedge-fund heavy CB

Chinese B2B e-commerce company HC International raised HK$780m ($100.5m) on November 20 by selling a convertible bond, opting to tap the equity-linked market to save on costs that it might otherwise have had to pay for high yield debt. But the CB’s heavy reliance on hedge funds was reflected in the following morning's trading of the company's shares, which plummeted as investors shorted the equity.