Chinese tech giants Alibaba and JD.com raised $6.5bn in convertible bonds, partly for share buybacks.
Chinese tech giants Alibaba and JD.com raised $6.5bn in convertible bonds, leading to speculation that other Chinese internet firms may follow suit. Alibaba's $4.5bn and JD.com's $2bn note sales will partly be used for share buybacks. In a high interest-rate environment, convertible bonds become an attractive alternative to regular debt, especially for companies needing to replenish cash used for buybacks and overseas investments.
May 27, 2024
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