Wankai New Materials (SHE:301216) will raise net proceeds worth 2.69 billion yuan from the issuance of convertible bonds, according to a Wednesday filing on the bourse.
The convertible bond, which amounts to 2.70 billion yuan, has a term of six years and will mature on Aug. 15, 2030.
The convertible bonds will be listed on the Shenzhen Stock Exchange, effective Friday, Sept. 5.
CITIC Securities (SHA:600030, HKG:6030) served as the lead underwriter of the issuance, the filing added.
The Chinese PET plastic manufacturer will use the proceeds to fund the first phase of the MEG 600,000-ton project and supplement its working capital.
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