Tebao Biotech raises US$210.4M in convertible bond issuance

What's the deal? Xiamen Tebao Biotechnology (stock code: 688278) has completed a convertible bond issuance worth US$210.8M. The offering, dubbed "Tebao Convertible Bonds," was announced on August 3, 2026, and carries bond code 118074.

How it worked: The issuance used priority allotment to existing shareholders, with the remainder offered online and any shortfall underwritten by the lead underwriter. Guojin Securities and CICC served as joint lead underwriters, and the deal was approved by the China Securities Regulatory Commission.

Who bought in? Existing shareholders subscribed to 1,430,778 lots (US$196.7M) with zero abandonment. Online public investors took 101,249 lots (US$13.9M), leaving just 1,239 lots (US$170.4K) abandoned and underwritten by Guojin Securities.

Why it matters: The abandonment rate of 0.08% signals strong demand and low underwriting risk. Funds are due to reach the company on August 3, 2026, after underwriting fees are deducted.

The signal: Convertible bonds remain a favoured route for listed Chinese biotech firms to raise growth capital without immediate equity dilution. Tebao's smooth, oversubscribed issuance reflects investor confidence in its fundamentals and offers fresh capital for expansion.

Read more: minichart.com.sg

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