Qinghai Province-based Chinese special steel manufacturer Xining Special Steel Co., Ltd has received the green light for its planned corporate bond issue from the China Security Regulatory Commission.
As planned, the total capital of the corporate bond issue will not exceed RMB 1 billion ($153 million), with less than a 10-year term. The proceeds from the bond issue are expected to repay for loans and to supplement the company's regular operating capital.
In the first quarter of this year, Xining Special Steel realized a total operating revenue of RMB 2.053 billion ($314 million), up 124.83 percent year on year. Meanwhile, its net profit came to RMB 156 million ($23.9 million), rising by 277.24 percent year on year.