CHINA: Jiangsu Sunshine To Use Bond Fees To Upgrade
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.
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