China LotSynergy gains amid China lottery optimism, investor switching

    Published in: Latest IntelligenceShares in China LotSynergy (1371.HK), a Beijing-based lottery system provider, have jumped over the past week, fuelled in part by a switch by investors looking for value among smaller gaming stocks.The Hong Kong-listed firm, formerly an online metal trading platform on the city’s junior GEM board before transferring its listing to the main board in October last year, posted an 8.7 percent increase over the week.However, the shares slipped 1.3 percent on Wednesday after the company raised $580 million ($75 million) through a convertible bond sale.The company, which recently teamed up with Minsheng Bank, China’s largest non-state-owned lender and the ninth-largest by assets, said it plans to use the fresh capital to develop mobile technology and seek further opportunities in the country’s growing video and online lottery business.The deal offered a conversion price of HK$0.93, or about 24 percent above its Wednesday closing price of HK$0.75,...

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