Blackstone Invests $400 Million in HEC Pharma via Convertible Bonds

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange April 4, 2016. Reuters/Brendan McDermid

HONG KONG—U.S. private equity firm Blackstone Group LP has signed a deal to invest $400 million in Hong Kong-listed YiChang HEC Changjiang Pharmaceutical Co. via convertible bonds, HEC said Aug. 15.

The H share convertible bonds will bear an interest rate of 3 percent per annum if issued, at an initial conversion price of HK$38 per share, HEC Pharma said in a stock filing late on Aug. 14.