China Galaxy Securities plans up to RMB 9.5 billion corporate bonds

By Marisa Wong

Madison, Wis., July 8 - China Galaxy Securities Co., Ltd. said it plans to issue up to RMB 9.5 billion of corporate bonds.

The company's board of directors approved the proposed issuance on Monday, according to a company announcement.

The total size of the issue is not to exceed 40% of the net assets of the company as of the end of June.

The bonds may be issued in one or more tranches with maturities of no more than 10 years.

Proceeds will be used as working capital.

The Beijing-based brokerage said it intends to apply for listing of the bonds on the Shanghai Stock Exchange.

The bonds are subject to shareholders' approval at an upcoming general meeting.

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