CSRC Nods Circulation of 2002 Mobile Communications Debentures

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Last updated at: (Beijing Time) Monday, January 27, 2003

CSRC Nods Circulation of 2002 Mobile Communications Debentures

Sources from Shanghai say 2002 China mobile communications debentures began to be circulated in SSE on January 22 upon the approval of CSRC. As learned, the 2002 mobile debentures will total 8bn, the biggest in scale in the Chinese mainland to date.

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Sources from Shanghai say 2002 China mobile communications debentures began to be circulated in Shanghai Stock Exchange (SSE) on January 22 upon the approval of China Securities Regulatory Commission (CSRC). As learned, the 2002 mobile debentures will total 8bn, the biggest in scale in the Chinese mainland to date.

In a breakdown, the debentures circulated this time are worth 4.56bn yuan. They were once held by investors, and trusted by China Securities Depository and Clearing Corporation Limited Shanghai Branch after China Government Securities Depository Trust & Clearing Co., Ltd. transferred its trusteeship.

Chairman with China Mobile (Hong Kong) Limited Wang Xiaochu noted in the interview that, his company has launched a large-scale financing plans for five years in a row since its listing in Hong Kong in 1997. And it hit a record of issuing debentures to a total volume of 5bn yuan in 2001.

Debentures with a duration of five years have a bill fixed annual simple interest rate of 3.5 percent and are due to mature on Oct. 27 2007, while 4.5 percent for those with a duration of 15 years and the maturity date is set on Oct. 27 2017. The interest will be paid on Oct.28 every year except that for the last year will be paid together with the principal.

The credit registration of 2002 China mobile communications debentures are classified as AAA by China Chengxin International Credit Rating Co., Ltd. and Dagong Global Credit Rating Co., Ltd.. Guangdong Mobile Communications Co., Ltd, is the issuer of debentures, China Mobile (Hong Kong) Limited provides irrevocable related responsibility guarantee, while China Mobile is the re-guarantor.

Early on January 13 this year China Three Gorges Project Corporation (CTGPC) issued its 2002 debentures worth 5bn yuan in Shanghai Stock Exchange.

According to securities regulatory departments, the country issued 29bn yuan debentures in 2002, while this year is probable to see 50bn to be issued.

By PD Online Staff Zhu Lizhen

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