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| First GEM Listed Company to Issue Offshore Yuan-denominated Bonds |
HONG KONG, Sept 1, 2011 - (ACN Newswire) - Credit China Holdings Limited ("Credit China" or the "Company") (Stock code: 8207), one of the leading financing service providers in China, today announced the issuance of CNY 100,000,000 9 per cent bonds due 2013 ("the Bonds"). The net proceeds raised is intended to be used for working capital purposes for the Company and its subsidiaries.
Haitong International Securities Company Limited and Wing Lung Bank Limited are the joint bookrunners and joint lead managers for the issuance of the Bonds. The CNY100,000,000 bonds issued by the Company are bearing an interest rate of 9 per cent per annum and due 1 September 2013. The Bonds were paid for by the initial subscribers in either US Dollars or Chinese Yuan at the option of each subscriber, while all payments due under the Bonds are required to be settled in CNY only.
Mr Shi Zhijun, Chairman of Credit China, said, "The issuance of the Bonds marked a milestone of the Company. We are proud to issue offshore Yuan-denominated bonds as we are the first GEM listed company to issue CNY bonds. This exercise not only helps to further strengthen our cash position, but also to avert a forex risk which may arise when financed RMB flows back into Mainland China.
"Given the very difficult bond issuing market in the past 6 months, we are pleased to be able to complete this bond issue. As we are currently in a market with huge demand for short-term financing, by issuing our first bond, we have taken this as a very important step to explore into a new source of funding. We may issue another round of bond when timing is right. We are very confident in the prospects of our provision of short-term financing services in the PRC and believe the stronger financial position will enable us to capitalise on the booming market demand. The Company intends to continue diversification in business streams and services so as to maximise shareholder's returns".
Contact:
Strategic Financial Relations Limited
Ms. Joanne Lam
Tel: 852-2864 4816
Email: joanne.lam@sprg.com.hk
Ms. Agnes Luo
Tel: 852-2864 4851
Email: agnes.luo@sprg.com.hk
Fax: 2804 2789 / 2527 1196
Topic: Loans & Financing
Source: Credit China Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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