Chinese textile company Jiangsu Sunshine Co plans to use the proceeds of its convertible bond issue to upgrade its technology, buy production lines, increase its stakes in a thermal power company and a clothing and fashion accessory joint venture, as well as set up its own import-export unit.

The company today said its 830 million yuan ($1=CNY8.28) three-year convertible bonds was 13.9 times oversubscribed, generating fees of CNY805.7 million.