Hong Kong-based China Ruyi Holdings 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 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 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)
Reuters
