China Galaxy Securities to price up to RMB 11 billion of six-year convertible bonds

By Abigail W. Adams

Portland, Me., Aug. 30 – China Galaxy Securities Co. Ltd. plans to price up to RMB 11 billion of six-year convertible bonds, according to a company announcement.

The board of directors approved the issuance on Aug. 30. Shareholders must also approve the proposed convertible bonds in an extraordinary general meeting.

The bonds are non-callable for six months and then subject to a 130% hurdle.

Proceeds will be used to develop the company’s investment transaction business, to expand its investment banking business and for working capital.

China Galaxy Securities is a Beijing-based brokerage and investment bank.

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