Yankuang Energy (SHA:600188, HKG:1171) said Yankuang Group (Cayman), a unit of its controlling shareholder, issued exchangeable corporate bonds worth $500 million on the Hong Kong Stock Exchange, according to a Wednesday disclosure on the bourse.

The bonds have a term of five years and a 3.50% coupon rate. Their initial conversion price is HK$13.77 per share.

Yankuang Group is a unit of Shandong Energy Group, the Chinese power company said.

Shares of the company rose more than 1% on the Shanghai bourse and climbed less than 2% on the Hong Kong bourse.

Price (HKD): $14.87, Change: $+0.20, Percent Change: +1.36%