Fujian Funeng raises RMB3.8bn from convertible bond issuance

Fujian Funeng Company Limited has announced the results of its RMB 3.802 billion convertible bond issuance to unspecified investors. The issuance, approved by the China Securities Regulatory Commission, saw strong uptake, with a total of 3,802,000 convertible bonds allocated.

Original shareholders exercised their priority placement rights, subscribing for RMB 3,282,748,000 worth of bonds, representing approximately 86.34% of the total issuance. The remaining balance, including amounts relinquished by original shareholders, was offered to online public investors.

Online public investors subscribed for RMB 507,811,000, while the underwriting syndicate—comprising Industrial Securities, Huafu Securities, and China Securities Co., Ltd.—underwrote the remaining 11,441 bonds, totaling RMB 11,441,000. This represents a modest underwriting ratio of 0.30%, indicating the high demand for the convertible bonds.