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Hangcha to Issue 2.26 Billion Yuan in Convertible Bonds; Shares Down 4%

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Hangcha Group (SHA:603298) plans to issue convertible bonds of up to 2.26 billion yuan, according to a Shanghai bourse filing on Wednesday.

The convertible bonds will have a term of up to six years.

Proceeds from the issuance will be used for three projects, which are the construction of a smart factory for forklift robots, the expansion of a new energy forklift plant and a research and development project for forklift robots.

The remaining amount of 570 million yuan will be used for the Chinese forklift truck manufacturer's supplementary working capital.

The company's shares dropped 4% during the afternoon trade.

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$FESTI.IC
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SHE:002736