Weiqiao pioneering group to issue RMB 1 billion in bills of tomorrow

Shandong Weiqiao pioneering Group Co. Ltd, parent company of the largest cotton textile manufacturer China <2698>Weiqiao Textile Co Ltd, announced yesterday that it will adopt RMB 1 billion in short-term effects due to 180 days of the interbank market on January 20, 2011, referring sources.

The company said in a statement that had no invoices consisting in two games, no coupon rate and the nominal value.

The value date will start from April 24. RMB 700 million of the proceeds will be used for the purchase of cotton to ensure the supply of raw materials, while the remaining 300 million RMB will be assigned to buy coal to ensure the provision of its thermal power plant.

Dagong Global Credit Rating Co. Ltd. has ranked the Bills and the issuer as a-1 and AA-, respectively.

<600036>China Merchants Bank <3968>was hired to manage the sale.

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