CRRC Group proposes up to RMB 7 billion of five-year exchangeables

By Tali Rackner

Norfolk, Va., March 24 – CRRC Corp. Ltd. said controlling shareholder CRRC Group is proposing an issue of up to RMB 7 billion of five-year corporate bonds that are exchangeable into A shares of the company, according to a notice.

The bonds would be exchangeable after 12 months.

As of Tuesday, CRRC Group directly and indirectly holds 15,259,580,738 A shares of the company, representing about 55.92% of the total issued share capital of the company.

The rolling stock manufacturer is based in Beijing.

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