China Galaxy Securities trims price for A share convertibles

By Mary-Katherine Stinson

Lexington, Ky., July 11 – China Galaxy Securities Co. Ltd. adjusted the conversion price for its RMB 7.8 billion A share convertible corporate bonds, according to an announcement Monday.

The conversion price will be adjusted to RMB 9.93 per share from RMB 10.24 per share effective July 15.

The adjustment was precipitated by the company’s implementation of the profit distribution plan approved June 29 where the company will pay RMB 3.10 inclusive of tax per 10 shares to shareholders.

The A share convertible bonds may be converted into A shares of the company from Sept. 30.

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

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