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Pudong small loan firm taps debt financing to fund expansion
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PUDONG New Area Haoda Small Loan Co became the first small loan company to finance its operation by selling bonds via a private placement in Shanghai.
The Shanghai-based small loan company sold 30 million yuan (US$4.9 million) bonds at the local over-the-counter market Shanghai Equity Exchange today. The issuance underwritten by the Bank of Shanghai was the first of its kind since local authorities allowed debt financing for the companies.
Previously small loan companies in Shanghai can only raise their capital via capital injections by shareholders or using profit retention.
The Shanghai Financial Services Office that oversees the development of small loan companies on Friday started to allow them to finance operation through debt, equity transition, credit asset transfer, and peer lending, a move that significantly broadens the financing channels for the capital-strapped companies.
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