Rongsheng shares jump after bond issue news

China Rongsheng Heavy Industries Group Holdings Ltd, a shipyard seeking financial assistance from the government, surged the most in more than nine months after it agreed to issue convertible bonds to raise capital. The company aims to raise a net HK$1.38 billion ($178 million) from selling the bonds to Action Phoenix Ltd, it said in a statement to the Hong Kong stock exchange on Wednesday. The bonds maturing in 2016 have a coupon of 7 percent, and the initial conversion price is HK$1 a share, about 22 percent more than yesterday's closing price, the company said.

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