More Chinese Tech Convertibles May Follow Alibaba, JD.com
- Companies might seek cheap funding for buybacks, analysts say
- Alibaba, JD.com sold combined $6.5 billion in CBs last week
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More Chinese technology companies might turn to convertible bonds after Alibaba Group Holding Ltd. and JD.com Inc. raised a combined $6.5 billion through such notes.
Alibaba last week sold $4.5 billion in debt that can be turned into equity, a record for convertibles denominated in dollars by an Asian company, with part of the proceeds to be used to buy back shares. That came just after a $2 billion sale by rival online retailer JD.com, which also plans buybacks.