Chinese technology firm to issue corporate bond

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Last updated at: (Beijing Time) Wednesday, March 31, 2004

Chinese technology firm to issue corporate bond

China General Technology (Group) Holding Ltd. , a Chinese technology firm, is to issue corporate bonds totaling 1 billion yuan (about 120.9 million US dollars) from March 31 to April 20.

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China General Technology (Group) Holding Ltd. , a Chinese technology firm, is to issue corporate bonds totaling 1 billion yuan (about 120.9 million US dollars) from March 31 to April 20.

The book-entry bond will go onto the market soon after its issuance.The bond is distributed by Huaxia Securities Firm and guaranteed by the CITIC Industrial Bank.

The annual interest rate of the bond will be 1.75 percent abovethe one-year fixed deposit rate at banks. The bond has a maturity term of 10 years and funds financed by the bond will be fully applied to external contracted projects.

The Chinese corporate bond market lagged behind the international standard, said Zhang Dongsheng, director of finance department of National Development and Reform Commission, at the issuance ceremony.

The issuance of the bond would be helpful to implementing China's strategy of "going global" and boosting Chinese corporate bond, Zhang said.

Source: Xinhua

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