The Deutsche Bank-led deal is a bit unusual for a pre-IPO CB, however, in that it was preceded by a three-day roadshow and at least partially sold into the public market. Most of these transactions are usually placed privately with a small number of investors. The shares have also been trading over the counter in Taiwan since early December, albeit in very modest volumes, and the CB can be converted immediately after the settlement.
Few investors are expected to do so, however, but will...
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