Haitian seeks $200 million in new financing

By Steve Toloken
News Editor / International

Published: January 13, 2014 5:07 pm ET
Updated: January 13, 2014 5:08 pm ET

Related to this story

Topics Machinery

Chinese equipment maker Haitian International Holdings Ltd. said Jan. 10 that it plans a large bond sale to raise nearly $200 million (1.21 billion Chinese yuan) and bring in new investors to broaden its capital base.

The Ningbo, Zhejiang-based company, which is China’s largest plastic machinery maker, did not say what it planned to use the money for, other than for “general corporate purposes.”

But the company has announced sizable expansions in the last year, including a 120,000 square meter facility in Ningbo with a capacity for up to 10,000 all-electric presses.

“The directors consider the issue of the bonds as an opportunity to broaden the capital base of the company,” Haitian said in a Jan. 10 filing to the Hong Kong Stock Exchange.

The company said it retained investment banks J.P. Morgan Securities plc and UBS AG’s Hong Kong branch to manage the sale, which would be to at least six separate investors. The two investment banks have an option to sell an additional $50 million (304.6 million yuan) in company bonds.

The initial $200 million sale would net Haitian $196.2 million (1.19 billion yuan), with total expenses and commissions for the banks of $3.8 million (23.1 million yuan), the company said. The sale is slated to take place in February and the bonds would be convertible by 2019.

The bonds would be turned into shares and give the new investors a total stake of 3.79 percent, and dilute the ownership stake of Sky Treasure Capital Ltd., a holding company controlled by Haitian executives and board members, from 60.08 percent to 57.8 percent of Haitian stock.


Comments

Haitian seeks $200 million in new financing

By Steve Toloken
News Editor / International

Published: January 13, 2014 5:07 pm ET
Updated: January 13, 2014 5:08 pm ET

Post Your Comments


Back to story


More stories

Image

Yizumi's stock price shoots up

January 30, 2015 11:56 am ET

Chinese injection press maker Guangdong Yizumi Precision Machinery Co. Ltd. has seen its stock price more than double in the first five trading days...    More

Image

China to lead the way on robots

January 30, 2015 11:12 am ET

More industrial robots will be operating in China’s production plants than in the European Union or North America by 2017.    More

Image

Piovan buys majority stake in Italy's Penta

January 28, 2015 12:04 pm ET

Italian auxiliary equipment company Piovan SpA has acquired a majority stake in the Italian materials handling company Penta srl, based in Poggio...    More

Image

Report: Global machinery sales to India continue to fall

January 21, 2015 9:53 am ET

Difficulties in India's manufacturing sector are continuing to hit German plastics and rubber machinery exports, with sales to India down 15 percent...    More

Image

Gerd Liebig returns to Demag business

January 19, 2015 8:33 am ET

UPDATED — Gerd Liebig, the former head marketing manager of Engel Holding GmbH, has been appointed managing director-chief sales officer at Sumi...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events