Tencent-backed China Ruyi to raise $302 million in convertible bonds
April 15 (Reuters) - Hong Kong-based China Ruyi Holdings (0136.HK), opens new tab said on Tuesday it would raise around HK$2.34 billion ($301.74 million) in convertible bonds.
Earlier in April, Reuters reported that China Ruyi was looking to raise funds in the range of $300 million to $500 million.
The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.
The streaming media firm said the funds raised from the capital initiative would be used for the group's business expansion efforts, among other operational requirements.
Ruyi's fundraising comes as Chinese firms accelerate offshore equity fundraising efforts, tapping into a rebound in investor sentiment fueled by hopes of Beijing's increasing support for private firms.
Ruyi, which counts Tencent (0700.HK), opens new tab as its second largest shareholder with a 16.4% stake and a major customer, engages in online streaming services, film and television production and distribution business, as well as online gaming services.
It has produced several popular Chinese series, including "To the Wonder" and "War of Faith".
($1 = 7.7550 Hong Kong dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
25 minutes ago
- The National
50,000 letters sent to minister over controversial Flamingo Land plans
More than 50,000 people have written to the Public Finance Minister, Ivan McKee, in just two weeks, demanding that the Scottish Government withdraw its approval for Flamingo Land's Loch Lomond mega-resort planning application. In September 2024, the Yorkshire-based theme park operator, Flamingo Land Ltd, had their planning permission in principle rejected after all 14 board members of the Loch Lomond and the Trossachs Planning Authority. However, the decision to reject the £40 million resort plans was overturned by a Scottish Government official last month, when the developers appealed the decision. READ MORE: More than £1m in funding announced for restoration projects for Scottish coastline The proposal for the resort includes plans for more than 100 holiday lodges, two hotels, a waterpark, a monorail, 372 car parking spaces, shops, and more on the site called Lomond Banks. According to the Scottish Greens, more than 50,000 people have used a portal on their website to call on the Scottish Government to overturn the decision and scrap the development. Greens MSP Ross Greer (below) said the public's opinion on the proposal, which is the most opposed in Scottish planning history with more than 155,000 individuals lodging objections, 'couldn't be clearer'. (Image: PA) He said: 'The Scottish Government has got this badly wrong. They are about to allow a greedy developer to trash the gateway to our National Park. It is not too late for a u-turn though. They can still save Loch Lomond. 'In just two weeks the Planning Minister has heard directly from over 50,000 people calling on him to block these proposals. Public opinion couldn't be clearer and it is backed up by experts including the Government's own environment watchdog. 'I have campaigned side by side with local residents in Balloch for nearly ten years now to stop Flamingo Land. At every stage we have won on the basis of the overwhelming evidence against their plans, but that has all now been overturned by the Scottish Government.' Organisations such as the National Trust for Scotland, the Woodland Trust, the Ramblers, and the Scottish Government environment watchdog, SEPA, also raised objections against the plans. Greer added: 'I do not understand why the Scottish Government are determined to cosy up to greedy theme park operators rather than protect Scotland's world famous natural heritage. 'It's time for Government Ministers to actually listen to the people of Scotland and save Loch Lomond.' The news comes after Scottish ministers refused planning permission for a trotting track for harness racing on the historic Bannockburn battlefield site. The Scottish Government ruled that the proposals would 'introduce new development and urbanisation in one of the few remaining undeveloped parts of the battlefield'. As such, it ruled the development 'would have a significant adverse effect on the character of the battlefield, its setting and sense of place'. The site is where in June 1314 Robert the Bruce and his Scottish army famously defeated English troops led by King Edward II. The Scottish Government has been approached for comment.
Reuters
25 minutes ago
- Reuters
Poland cancels acquisition process for 32 Black Hawk helicopters
WARSAW, June 6 (Reuters) - Poland has cancelled the procurement procedure for the purchase of 32 more Lockheed Martin S-70i Black Hawk helicopters for the Polish Army, the Polish Armament Agency said on Friday. "Maybe it is necessary to acquire other equipment in its (helicopters') place such as drones, or tanks, or some kind of communication," agency spokesman Grzegorz Polak told Reuters. Polak added that "some correction" was needed when the geopolitical situation and state security interests required other tasks to be carried out. Poland launched negotiations for the acquisition of 32 S-70i Black Hawk helicopters, produced by Lockheed Martin's Polish arm PZL Mielec, in 2023 under the previous Law and Justice (PiS) government, opens new tab. PiS lawmaker Mariusz Blaszczak, who was defence minister in the previous government, labelled the decision a "disgrace" in a post on X, saying it would slow down the replacement of the helicopter fleet. In August 2024 Poland signed a contract with the U.S. to buy 96 AH-64E Apache attack helicopters. Under the deal with the U.S. government the helicopters would provide new combat capabilities in terms of target engagement and reconnaissance, and will replace Poland's post-Soviet Mi-24 helicopters. Polak said the Armament Agency obtained equipment in accordance with Polish army plans, which are classified. It was not the Armament Agency that set procurement priorities, he added.
Reuters
30 minutes ago
- Reuters
US declares Biden fuel economy rules exceeded legal authority
June 6 (Reuters) - The U.S. Transportation Department on Friday declared that fuel economy rules issued under then President Joe Biden exceeded the government's legal authority by including electric vehicles in setting the rules, automaker officials said Monday. The department made the declaration as it published a final "Resetting the Corporate Average Fuel Economy Program" rule. Removing EVs from the calculations for credits and the regulatory mandates will likely result in lower overall fuel economy requirements. A future separate rule from the administration of President Donald Trump will revise the specific fuel economy requirements.
