Lianhe Credit Rating downgraded Hillstone Networks' (SHA:688030) convertible bonds worth 267.4 million yuan to A- from A after reviewing the company's operating conditions and the industry environment, according to a Shanghai bourse filing on Thursday.
The downgrade was posted in the rating firm's report published May 28.
The rating outlook of the six-year bond, which will mature March 21, 2028, remains negative.
The Chinese information technology company's shares dropped 4% at the close.
Ramssol Group (KLSE:RAMSSOL) unit Rams Fintech proposed to acquire stakes in Innio and Agensi Pekerjaan Innio for a combined 14.4 million ringgit.The deal includes a 3.6 million ringgit payment in cash and the issuance of 15.4 million new Ramssol shares at 0.70 ringgit each.The businesses are involved in manpower outsourcing, recruitment, and AI-driven job-matching services across Southeast Asia.Post-acquisition, Innio will become a 60% unit, while Agensi Pekerjaan Innio will be owned 49% by the company.The deal is expected to be completed by the third quarter, subject to regulatory and other approvals, it added.
Moody's assigned a Baa2 issuer rating to Danantara Investment Management on Wednesday, according to a same-day release by the ratings agency.The rating is aligned with the Baa2 sovereign rating of the Indonesian government.The company's senior unsecured global medium-term note program was also given a provisional (P)Baa2 rating.The outlook on all ratings is negative.
Chinese shares declined on Thursday as the U.S. proposes additional tariffs on 60 countries, including China.The Shanghai Composite Index, the main gauge of Chinese stocks, fell 0.6% to 4,057.78. The Shenzhen Component Index went down 0.3% to 15,661.57.The administration of U.S. President Donald Trump proposed new tariffs on imports from 60 countries, citing their failure to curb trade in goods made with forced labor.The U.S. Trade Representative proposed 10% additional duties on imports from 15 economies, including the European Union and the U.K. Meanwhile, 45 countries including China would face additional duties of 12.5%.In response, China denied the presence of forced labor in the country, slamming the U.S. for using probes on the issue as a pretext for additional tariffs."There is no such thing as 'forced labor' in China, and we oppose using this as a pretext for political manipulation," said Beijing's Foreign Ministry Spokesperson Mao Ning.In company news, Shenzhen InfoGem Technologies (SHE:300085) denied online rumors that the company is under investigation. Shares of the financial technology company closed 5% lower Thursday.