Luye Pharma Group (HKG:2186) raised net proceeds of $98.6 million from the issuance of the first tranche of $100 million 5.85% convertible bonds due 2025, a Wednesday Hong Kong bourse filing said.
The bonds have an initial conversion price of HK$3.672 per share, subject to certain conditions, the filing said.
The company plans to use the net proceeds to settle some of its debts, for research and development, and for general corporate purposes.
The bonds are expected to be listed in Singapore on Nov. 1.
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