Financial Wire

Shengquan to Issue 2.50 Billion Yuan in Convertible Bonds; Shares Up 3%

-- Jinan Shengquan (SHA:605589) plans to issue convertible bonds worth 2.50 billion yuan, according to a Shanghai bourse filing on Monday.

The convertible bonds will have a term of six years.

The majority of the proceeds from the issuance, amounting to 2 billion yuan, will be used for the construction of a green new energy battery materials plant, which will produce 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon every year.

The rest, which is worth 500 million yuan, will be used to supplement working capital.

The resin manufacturer's shares jumped less than 3% during the afternoon trade.

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