Shenzhen firms propose joint bond
考研英语
时间: 2019-04-08 14:16:03
作者: 匿名
In an unprecedented move, 20 small and medium-sized enterprises (SMEs) in Shenzhen have proposed to jointly raise a total of 1.03 billion yuan in a bond issue.
"Twenty SMEs in Shenzhen are expected to jointly issue bonds in mid-October," said Chen Fang, a senior executive at the Shenzhen Small and Medium-sized Business Center, an affiliate of Shenzhen government. "We have completed the preparation work for the bond issue."
Analysts and experts said the concept of joint bond issuance is expected to offer SMEs more opportunities and options to raise new capital directly in the capital market. An SME by itself would not normally have the financial clout and business track record to issue bonds at bearable costs.
Direct financing is of increasing importance to small enterprises as the cost of bank loans rises.
The Shenzhen companies' proposed bond issue was approved by the National Development and Reform Commission, which has also approved a group of technology companies in Beijing's Zhongguancun Hi-Tech Zone to raise 370 million yuan by a bond issue.
"Issuing bonds is a more convenient channel for small enterprises to raise capital," said Nie Wen, a fixed-income investment analyst with Industrial Securities. "The lower-cost financing channel would reduce small enterprises' dependence on bank loans and encourage them to improve their operations and management."
"Twenty SMEs in Shenzhen are expected to jointly issue bonds in mid-October," said Chen Fang, a senior executive at the Shenzhen Small and Medium-sized Business Center, an affiliate of Shenzhen government. "We have completed the preparation work for the bond issue."
Analysts and experts said the concept of joint bond issuance is expected to offer SMEs more opportunities and options to raise new capital directly in the capital market. An SME by itself would not normally have the financial clout and business track record to issue bonds at bearable costs.
Direct financing is of increasing importance to small enterprises as the cost of bank loans rises.
The Shenzhen companies' proposed bond issue was approved by the National Development and Reform Commission, which has also approved a group of technology companies in Beijing's Zhongguancun Hi-Tech Zone to raise 370 million yuan by a bond issue.
"Issuing bonds is a more convenient channel for small enterprises to raise capital," said Nie Wen, a fixed-income investment analyst with Industrial Securities. "The lower-cost financing channel would reduce small enterprises' dependence on bank loans and encourage them to improve their operations and management."
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