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Guangzhou Auto plans to raise RMB 6 bln

Sep. 11, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<601238><2238>, a major automaker in South China, announced yesterday that it plans to raise up to RMB 6 billion through bond issue.

The company said in a statement that it plans to sell up to RMB 4 billion of corporate bonds and RMB 2 billion of convertible bonds.

The corporate bonds will have a maturity of not more than ten years. The convertible bonds will have a maturity of up to six years and could be converted into Shanghai-listed A shares after six months of its issue.

Guangzhou Auto said last month that its net profit fell 15.15% YoY to RMB 1.48 billion in the first half of this year.

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