China XLX: To issue Rmb324m worth of convertible bonds to priv co Nitro Capital Ltd. The proceeds will be used for expanding their plant and Xinjiang acquisition. The bonds will have a conversion price at approx Rmb1.84 ($0.375) per share and is approx 15.0% of enlarged share capital. Co currently trades at $0.36.
Most recent 3Q revenue showed a 35.4% increase yoy mainly due to higher ASPs and increased sales volumes. Co currently trades at 10.2x P/E
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