Jianghaui Auto to sell 700 mln yuan 365-day bills
(chinatrucks.com, Jan.19, 2010)Anhui Jianghuai Automobile Co. Ltd. (JAC) (600418) recently announced that it will issue 700 million yuan ($102.5 million) in 365-day financial bills on the interbank market on January 22, media reported.
The Chinese vehicle manufacturer said that this batch of bills will be issued at par value 100 yuan with the issuing rate to be decided by results of bookkeeping underwriter Industrial & Commercial Bank of China.
The value date is Jan. 25, 2010; payment date Jan. 25, 2010; circulation date Jan. 26, 2010; maturity date Jan. 25, 2011. Issuing the short-term bills is expected to help Jianghuai speed up its ambitious plans for a huge jump in this year's vehicle output and sales.
Jianghuai sold 100,000 passenger cars in the Jan-Oct period, two months ahead of its original plan. The full-year sales exceeded 120,000 units, almost double last year's sales. It also sold more than 180,000 commercial vehicles in 2009.
The company aims to sell 500,000 vehicles this year, including 300,000 passenger cars and 200,000 commercial vehicles.
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