Haoda Small Loan Co sells bonds to raise cash
Print Edition
PUDONG New Area Haoda Small Loan Co became the first small-loan company to finance its operation by selling private placement bond in Shanghai.
The Shanghai-based small-loan company sold 30 million yuan (US$4.9 million) bonds in over-the-counter market at the Shanghai Equity Exchange yesterday.
The issuance underwritten by the Bank of Shanghai was the first of its kind since local authorities allowed debt financing for companies.
Previously, small-loan companies in Shanghai could only raise their capital through shareholder injection and profit retention.
The bond will mature in a year and has a coupon rate of 8 percent.
The Shanghai Financial Services Office that oversees the development of small-loan companies allowed them to finance operation through debt, equity transition, credit asset transfer, peer lending and asset securitization since last Friday, a move that significantly broadens the financing channels for the capital-strapped companies.
However, the money raised via new instruments cannot exceed the company’s net assets.
Eligible small-loan companies are also allowed to raise capital in overseas market as well in another boost to the firms.
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