China Huarong Asset Management, one of China’s big four bad debt managers, is extending its reach into the brokerage business as it invests in Freeman Fintech, a Hong Kong-listed company that focuses on securities brokerage and corporate finance advisory services.
The bad debt manager is investing $100 million in the form of convertible bonds issued by Freeman Fintech, which have a four percent interest rate payable semi-annually to subscribers.
It is investing through its Macau arm, China Huarong Macau HK Investment Holdings.
The bonds can be converted into Freeman Fintech shares at HK$0.425 per share.
Assuming the company exercises...
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