Runhe Materials launches $55M convertible bond issue at RMB31.10 conversion price
What's the deal? Ningbo Runhe High-tech MaterialsDealroom has a profile for this one. Try Dealroom →, a Shenzhen-listed chemical materials maker (stock code 300727), launched a RMB370 million (about $55 million) convertible bond offering on September 8, 2026. The issue comprises 3,700,000 bonds at a RMB100 face value each, with an initial conversion price of RMB31.10 per share.
The terms: The six-year bonds run from September 10, 2026 to September 9, 2032, with a stepped coupon rising from 0.20% in year one to 2.50% in year six. Interest is paid annually, and the bonds carry an "A+" rating with a stable outlook from Lianhe Credit RatingDealroom has a profile for this one. Try Dealroom →. The offering is not guaranteed.
Who gets first pick? Existing shareholders registered as of September 9 can buy RMB2.0539 of bonds per share held. Based on Runhe's 180,136,352 A shares, that pre-emptive allocation covers up to roughly 3,699,820 bonds — nearly the entire issue.
How it works: Public investors can subscribe online on September 10 without pre-funding, in units of 10 bonds (RMB1,000) up to a RMB1 million cap. Conversion into new shares runs from March 16, 2027 to September 9, 2032.
Who's backing it? Orient SecuritiesDealroom has a profile for this one. Try Dealroom → is sole sponsor and lead underwriter, backstopping any shortfall up to 30% of the issue, or a maximum of RMB111 million. Bonds allocated to investors will trade from their first listing day, with the date to be announced after the offering closes.
The signal: At roughly $55 million, the raise sits in a modest band by global standards but reflects the steady use of convertible bonds by China's listed small-cap manufacturers to tap capital markets without immediately diluting shareholders. The stepped coupon and shareholder priority allocation are standard tools to draw retail demand while deferring conversion pressure.
Read more: minichart.com.sg
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