Hongqiao Prices $1.5 Billion Convertible Sale Near Low End

China Hongqiao Group Ltd. priced its 10.2 billion-yuan ($1.5 billion) sale of bonds that can be converted into stock at HK$43.90, near the low end of the marketed range.

The conversion price represents to a 25.3% premium to Monday’s closing share price of HK$35.04, and sits near the low end of the 25% to 30% conversion premium range that was marketed Monday, confirming an earlier Bloomberg News report. The shares fell as much as 5.25% Tuesday. The stock has gained 122% in the past year, giving China Hongqiao a market value of more than $42 billion.