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China's Wuxi Guolian to raise 1B yuan via bonds

Wuxi Guolian Development (Group) Co. Ltd. plans to issue 1 billion yuan of bonds to qualified investors.

The five-year fixed-rate notes will carry a coupon of 4.88%, the Chinese conglomerate said May 7.

The bonds will be offered between May 8 and May 9.

Wuxi Guolian operates in financial and industrial sectors. It engages in brokerage, asset management, securities investment and transfer of shares businesses.

As of May 7, US$1 was equivalent to 6.37 Chinese yuan.