HKG:2453

Concord Healthcare to Issue HK$68 Million Convertible Bonds to CSPC Pharma Unit

Concord Healthcare (HKG:2453) agreed to issue HK$68 million of convertible bonds to a unit of CSPC Pharmaceutical (HKG:1093), according to a Monday Hong Kong bourse filing.The oncology healthcare service provider said Dragon Merit will subscribe to the 2% convertible bonds due in April 2027.The bonds are convertible into as many as 40 million Hong Kong-listed shares at an initial conversion price of HK$1.70 per share, representing a premium of about 14.1% to the stock's last closing price.Net proceeds of about HK$63.1 million will mainly be used to repay loans and supplement working capital.Concord Healthcare said the investment is expected to deepen cooperation with CSPC Pharmaceutical in the oncology healthcare sector.