Former penny stock China LotSynergy, a lottery systems provider listed in Hong Kong, shrugged off recent market volatility on Tuesday as it successfully sold a HK$580 million $75 million convertible bond.
The company pushed ahead with its deal despite the sharp recent fall in its share price as CB investors kept up their strong interest in new Asian issuance. LotSynergy shares have come off so much that its conversion price of HK$0.93, which represented a premium of more than 20% to its Tuesday close, was still lower than its March high of HK$0.95.
The deal had a standard structure with a...
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