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Chinese commission OKs China Jinmao's 4.4B yuan green corporate bonds issuance

China Jinmao Holdings Group Ltd. secured the China Securities Regulatory Commission's approval for its plan to conduct a public offering of up to 4.40 billion yuan in domestic green corporate bonds.

The company said in a filing that the approval has a validity period of 24 months beginning Dec. 14, adding that it plans to issue the first tranche of the bonds within 12 months starting on the same date.

Proceeds from the issuance of the unguaranteed bonds will be used by the company to finance the development of its green building projects that are classified based on criteria provided by the Green Finance Committee and certified by a Shanghai stock exchange-recognized green project certification institution.

CSC Financial Co. Ltd. will be the lead underwriter of the issuance, while Guotai Junan Securities Co. Ltd. and China Merchants Securities Co. Ltd. will both serve as joint underwriters for the offering.

As of Dec. 20, US$1 was equivalent to 6.58 yuan.