China Galaxy Securities receives approval for A share convertibles

By Mary-Katherine Stinson

Lexington, Ky., March 7 – China Galaxy Securities Co. Ltd. received approval from the Issuance Examination Committee of the China Securities Regulatory Commission for its proposed issuance of A share convertible bonds in China, according to a notice Monday.

The company stated that the issuance of the bonds was subject to receipt of the formal approval documents and a further announcement will be made at that time.

As previously reported, China Galaxy plans to price up to RMB 11 billion of six-year convertible bonds 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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