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Citigroup Global Markets has issued US$275 million in cash-settled exchangeable bonds for shares in HKEX, set to be issued on 10 April 2025 and maturing on 10 October 2028. The bonds, priced at 103%, will be listed on the Frankfurt Stock Exchange, with a 16.25% premium based on the Hong Kong Stock Exchange's VWAP share prices as of 28 March 2025. Proceeds will be used for general corporate purposes.
The HSI fell 327 points (1.6%) to 19,778, while the HSTI dropped 112 points (2.4%) to 4,581, amid a market turnover of $135.32 billion. Notable declines included MEITUAN and BABA, both down over 3%, while HSBC HOLDINGS and FIT HON TENG reached new highs.
Coinbase ranks fifth globally in exchange revenue, generating $5.75 billion, surpassing traditional exchanges like Nasdaq and CBOE. It holds an 11% share of global exchange revenue, while decentralized exchanges (DEXs) capture 5%. Centralized and decentralized exchanges are expanding significantly faster than traditional finance, with a projected combined market cap of $749 billion. Competition is expected to intensify in 2025 as traditional finance integrates crypto activities, and DeFi protocols may offer better returns than leading cryptocurrencies.
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Citigroup issues 275 million US dollars in exchangeable bonds for HKEX
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