China LotSynergy raises $75 mln through bond issue

    China LotSynergy, which last week reached an accord with Mingsheng Bank to provide mobile lottery services in China said it raised HK$580 million ($75 million) through a convertible bond issue. The deal offered a conversion price of HK$0.93, or about 24 percent above its Wednesday closing price of HK$0.75, but still below its year-to-date high of HK$0.95 on 11th March. The company plans to use the funds to develop mobile technology and explore other opportunities in the fast-growing China market.