APT go with Chinese Tencent,Zip got TikTok

Also today, Zip announces that it has entered into an agreement with CVI Investments, Inc., an affiliate of Heights Capital Management, which is an affiliate of the US-based Susquehanna International Group (SIG) to raise up to AU$200 million by way of the issue of convertible notes and the exercise of warrants. The convertible notes have an initial conversion price of AU$5.53287, a 50% premium to the 1-day volume weighted average price (VWAP) of Zip’s Shares on 29 May 2020, while the warrants have an initial exercise price of AU$5.1639, a premium of 40% to such VWAP.


SIG is one of the world’s largest privately-held financial services firms with over 2,000 employees in six countries. Founded in 1996, Heights Capital Management (Heights) invests SIG’s internal capital through direct investments in listed companies in the U.S., Europe, and Asia. Heights has supported many leading companies and manages a diverse investment portfolio of high-growth small to medium-sized companies. SIG has also made investments in Bytedance (parent company of Tik Tok), Credit Karma and Fundera.