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China Galaxy Securities issues 5.5B yuan of subordinated bonds

China Galaxy Securities Co. Ltd. raised 5.5 billion yuan through a nonpublic issuance of subordinated bonds.

The two-year bonds were priced with a coupon rate of 5.38%, according to a May 24 release.

The proceeds from the issuance will be used to supplement the company's working capital.

As of May 24, US$1 was equivalent to 6.38 Chinese yuan.