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HK Watchdogs Begin Easing Bond Financing & Repurchase Restrictions: Report
Recommend 25 Positive 44 Negative 22 |
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After BABA-W (09988.HK) (BABA.US) successfully issued USD5 billion in bonds last year, Hong Kong regulators have begun to relax strict regulations over bond issuance and share repurchase for companies, according to the Financial Times. In May 2024, BABA-W issued USD5 billion convertible bonds at nearly zero interest rates, marking the largest convertible bond transaction ever in the Asia-Pacific region. This successful issuance appears to have prompted Hong Kong regulators to grant exemptions to rules prohibiting companies from simultaneously conducting repurchases and using certain structured derivatives for hedging. The report also cited sources familiar with the thinking of Hong Kong financial regulators, revealing that HKEX (00388.HK) has learned from BABA-W's convertible bond transaction and recognized the related transaction model. HKEX's conclusion is that waivers will be provided on a case-by-case basis under current regulations. AAStocks Financial News |
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