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Tencent-backed China Ruyi to tap bond market for US$500 million amid growth plans: sources
The streaming media firm, behind series like ‘War of Faith’, is looking for new funds as Chinese firms accelerate offshore fundraising
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Streaming media firm China Ruyi Holdings, backed by gaming and internet company Tencent Holdings, is aiming to raise between US$300 million and US$500 million in convertible bonds next week, two sources with knowledge of the plan said.
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The offering of Hong Kong-listed Ruyi could be launched as early as Monday, said one of the sources.
The bulk of the proceeds to be raised could be used for a potential acquisition, the sources said.
Discussions around the acquisition, however, are at early stages and may not be fruitful, said the sources, who declined to be named as the information was confidential.
Ruyi has tapped Bank of America, CLSA, Deutsche Bank, Goldman Sachs and Macquarie to work on the convertible bond offering, said one of the sources.
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Ruyi did not immediately respond to a request for comment.
CLSA, Goldman, Deutsche Bank and Macquarie declined to comment. Bank of America did not immediately respond to a request for comment.
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