Beijing Yanjing Brewery, China's second largest brewer, announced that it planned to issue Yn700m of bonds to raise funds for business development and acquisition, South China Morning Post said. The issue is being underwritten by Citic Securities, a unit of China's largest trust company, China International Trust and Investment Corp.
The five-year bonds would be convertible into shares at the end of the period. Most of Zhu Xiaohua received a 15-year jail sentence ImagineChina the proceeds are to be used to fund acquisitions, including units in Shandong and Inner Mongolia and a winery in Shanghai. The rest will be used to upgrade production facilities.