Great Wall Motor : Plans to Raise CNY8 Billion via A-Share Convertible Bonds

By Martin Mou

Great Wall Motor Co. said Friday that it intends to apply for the issuance of up to 8 billion yuan ($1.21 billion) of A-share convertible bonds.

The Chinese car maker said the bonds will carry a term of six years and can be converted from six months since the issuance until their expiry date.

The initial conversion price shall be no less than the average price for the company's Shanghai-listed shares for the 20 sessions before the bonds' offering, the company said.

Great Wall Motor, which is also listed in Hong Kong, said it plans to use the proceeds to fund the development of new models and research on car digitalization.

Write to Martin Mou at [e-mail]

(END) Dow Jones Newswires

11-06-20 0540ET