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Major Chemicals Producer Lists Stock on Shanghai Bourse
The A share stock of Nanning Chemicals, a major alkali producer in China, was listed on the Shanghai Stock Exchange Thursday.
In August 1998, the company based in Nanning, capital of Guangxi Zhuang Autonomous Region in southwest China, issued the country's first convertible corporate bond, raising 150 million yuan for its technical upgrading projects.
In June this year, it issued 40 million shares of common stocks, raising a further 186 million yuan for fine chemical and biochemical projects.
According to company sources, from today through August 2003 when the bond matures, investors may convert their corporate bonds into common stocks of the company at a discount.
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