Zhongsheng CB buy-back draws equity interest as stock soars

HongKong_adobe_575x375_20
By Jonathan Breen
14 May 2020

Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.

Zhongsheng is a Beijing-headquartered dealer of luxury and mid- to high-end cars, selling brands including Honda, Mercedes-Benz, Nissan and Porsche. The company jumped at the chance to issue a new CB on Tuesday, as its stock price closed at a 52-week high.

It came to the market to ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial