China’s Zhengqi plans to issue up to RMB 500 million three-year bonds

By Susanna Moon

Chicago, Aug. 7 – Legend Holdings Corp. said subsidiary Zhengqi Anhui Financial Holdings Co., Ltd. is planning to issue up to RMB 500 million of three-year corporate bonds.

The company is issuing the bonds “to further broaden its financing channels and to meet the needs of its operation and development,” according to a company notice.

Proceeds will be used to repay bank borrowings and to replenish working capital, the company said.

Legends, which owns about 92% of equity interests owned in Zhengqi, will guarantee the bonds.

Zhengqi is a limited liability company incorporated in China on Oct. 10, 2012 with a registered capital of RMB 2 billion and provides financial services to small- and medium-sized enterprises. Legend is a Beijing-based joint stock company that operates through seven segments.

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