Hunan Valin Steel to issue RMB 4 bln 3-year bonds

Hunan Valin Steel Co Ltd<000932>, a Shenzhen-listed mainland steel manufacturer, announced Wednesday that the company is planning to issue up to RMB 4 billion (US$581 million) three-year bonds in the domestic market.

The steel product manufacturer said in a statement that the proceeds of the bonds offering will be used to expand its output capacity. The coupon rate will be finalized depending on the market condition.

According to the statement, the bonds issuance plan is still subject to approval from shareholders, who are scheduled to vote on the plan on Dec. 18.

Shares of Hunan Valin Steel surged 6.14% to close at RMB 5.01 on Wednesday.