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%
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