RRJ Buys $150 Million Luye Bonds, First China Deal Since 2019
- PE firm stopped investing China since Covid, policy shifts
- RRJ will fully subscribe to Luye Pharma’s convertible bonds
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RRJ Capital, founded by former Goldman Sachs Group Inc. banker Richard Ong, will fully subscribe to the $150 million convertible bonds issued by Luye Pharma Group Ltd., marking its first investment in China in five years.
The Asia private equity firm, which oversees $16 billion in assets, had halted its investments in China since 2019, when the country’s strict Covid-19 policies led to widespread lockdowns, severely disrupting industrial production, consumer spending and the broader economy. During this period, RRJ shifted its focus to opportunities in Southeast Asia, the US and India.