China Galaxy Securities cuts conversion price for A shares

By William Gullotti

Buffalo, N.Y., July 10 – 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 adjustment was precipitated by the company’s implementation of the profit distribution plan approved June 29 where the company will pay a cash dividend of RMB 0.22533, inclusive of tax, per share to shareholders.

The conversion price will be adjusted to RMB 9.70 per share from RMB 9.93 per share, effective July 17.

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

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