Chinese carmaker Shanghai Automotive Industry Corp. (SAIC) plans to issue convertible bonds worth eight billion yuan (US$1.04 billion) to finance the development of its own-brand cars, the China Securities Journal reported on Wednesday.

The bonds, convertible into shares of the SAIC and with attached warrants entitling the purchase of shares, are expected to raise up to 16 billion yuan.

The fund raised will be used to build its own brands, make commercial vehicles, develop auto financing business and payback bank loans.

For more details, please read the full story in Chinese (http://www.cs.com.cn/zq/01/200707/t20070725_1168365.htm).

(China.org.cn July 25, 2007)