Chinese social networking and dating app Momo overcame extreme market volatility to raise $650 million from its first-ever convertible bond sale on Tuesday, underscoring investor confidence in the company’s prospects as it expands outside its core business.
In launching the trade on Tuesday morning, the Nasdaq-listed company appeared unfazed by a massive selloff in the US on Monday, when the Dow Jones Industrial Average plunged 1.3% and fell below its 200-day moving average for the first time in two years on further fears of a trade war. Monday’s drop has extended the index’s 3% loss since mid-June.
However, Momo’s confidence is not without foundation. The stock...
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