Haitian seeks $200 million in new financing

By Steve Toloken
Staff Reporter / Asia Bureau Chief

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
Staff Reporter / Asia Bureau Chief

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

Small is beautiful in Nissei's newest press

November 21, 2014 2:14 pm ET

Responding to customer demand for flexibility, Japanese plastics-equipment manufacturer Nissei Plastic Industrial Co. Ltd. is demoing a caster-...    More

Image

Three advancements have driven injection molding technology

November 21, 2014 6:00 am ET

Injection molding technology has made major advances in the last 25 years, from largely a world of shoot-and-ship to doing as much as possible at the ...    More

Image

Renners leaving Sumitomo (SHI) Demag

November 21, 2014 10:01 am ET

Christian Renners is leaving injection molding press manufacturer Sumitomo (SHI) Demag Plastics Machinery GmbH, the company announced Nov. 21.    More

Image

Netstal, Electra Form team up for PET preform partnership

November 20, 2014 3:15 pm ET

The Netstal division of Krauss-Maffei Corp. is teaming up with Electra Form Industries in a partnership to offer PET preform machines and molds as a...    More

Image

High pressure RTM systems moving from Europe to Mexico

November 20, 2014 4:24 pm ET

Engel Holding GmbH's subsidiary in Mexico says it has sold the first high pressure resin transfer machine system (HP-RTM) in the Americas to a Mexican...    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

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 Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

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

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events