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Success Dragon terminates convertible bonds placement

HK-listed Success Dragon International Holdings Ltd., formerly known as the C.Y. Foundation has announced it is terminating the placing of convertible bonds amounting to HK$220 million (US$28.3 million).

In a filing to the Hong Kong Stock Exchange on Tuesday, the gaming services firm said it was unable to agree on some of the key commercial terms with the placing agents.

The placing agents included Kingsway Financial Services Group Ltd; BaoQiao Partners Capital Ltd; and Opus Capital Ltd.

The proceeds from the convertible bonds were going to be used for the development and expansion of the group’s business, investment and general working capital of the group,” said the company in a filing to the Hong Kong Stock Exchange on June 2.

According to the firm, “The  termination  of  the  placing  will  not  have  any  material  adverse  impact  on  the  operation, business  nor  financial  position  of  the  group.”

“The  company  will  consider  all  appropriate means of financing for the group’s activities, including but not limited to equity and debt and hybrid financing,” it added.

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