Huarong to Consider $10.9 Billion Bond Issue to Raise Cash
- Bond issuance in domestic market may be public or targeted
- Firm’s notes rose after state-led bailout plan in August
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Shareholders of China Huarong Asset Management Co. are set to consider a proposal for the firm to issue as much as 70 billion yuan ($10.9 billlion) of bonds to “further enhance the liquidity management of the company.”
The potential debt offering in the domestic bond market may be through a public or targeted issuance and will be subject to approval at Huarong’s upcoming Annual General Meeting scheduled for Oct. 21, as well as by local regulatory authorities. The supplementary resolution was disclosed in a Hong Kong stock exchange filing late Thursday.