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China Merchants Securities to issue RMB 4 bln in bills

May. 28, 2012 (China Knowledge) - China Merchants Securities Co Ltd<600999>, a major Chinese securities firm, announced today that it plans to issue RMB 4 billion of 91-day unsecured short-term bills on the interbank market on May. 31.
Both value date and payment due date is Jun. 1 and the to-be-issued bills tradable on Jun. 4.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Proceeds from the deal will be used to replenish the company's working capital.

In the first quarter of this year, the company's net profit fell 32.33% YoY to RMB 537 million. The brokerage firm booked a net profit of RMB 2.01 billion in 2011, 37.8% less than in 2010.

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