China Galaxy considers issuing up to RMB 5.5 billion corporate bonds

New York – Dec. 8 – China Galaxy Securities Co., Ltd. said its board of directors is proposing that the company sell up to RMB 5.5 billion of corporate bonds.

Shareholders will be asked to approve the issuance at a general meeting of the company.

Proceeds will be used for working capital.

The board said that offering bonds will allow China Galaxy to diversify its financing sources, optimize its capital structure, further develop its business and strengthen its competitiveness.

The total issue size of the corporate bonds will be capped at the lower of RMB 5.5 billion and 40% of the net assets of the company at the end of June 2014.

Bonds may be sold in a single or in multiple tranches with maturities of up to 10 years.

Shareholders will also be asked to approve the issuance of short-term notes for up to 60% of the net capital of the company.

China Galaxy is a Beijing-based brokerage company.

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