Geely Automobile : Announced the Approval of Registration of Debt Financiing Instruments By the National Association of Financial Market Institutional Investors
March 24, 2023 at 08:02 am EDT
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[Press Release]
Geely Automobile Holdings Limited
Announced the Approval of Registration of Debt Financiing Instruments By the National Association of Financial Market Institutional Investors
(HONG KONG, 24 March 2023) ── Geely Automobile Holdings Limited ("Geely Automobile" / "The Company") (Stock code: 175) announced that, upon submission of an application made by the Company to The National Association of Financial Market Institutional Investors (the"Association") for the registration of debt financing instruments ("Debt Financing Instruments") in December 2022, the notice of registration acceptance dated 14 March 2023 ("Notice of Registration Acceptance") (Zhong Shi Xie Zhu [2023] No. DFI17) has been recently received from the Association, and a total registration quota of not more than RMB10 billion for the Debt Financing Instruments has been approved. The Company may, within two years from the date of Notice of Registration Acceptance, issue by instalment and in multiple tranches, products such as super short-term commercial papers, short-term commercial papers, medium term notes, perpetual notes, asset-backed notes and green debt financing instruments. Among them, RMB-denominated bonds issued by foreign entities in the domestic interbank market are commonly known as "Panda Bonds".
The management of Geely Automobile said, "Despite the strong cash position of the group, the completion of the registration of Renminbi debt financing instruments still has the following benefits: this registration provides the group with flexibility to issue several bonds as needed, or not to issue bonds at all; it helps the group to continue to expand new different types of debt financing channels; using debt instruments denominated in the same currency as the group's financial statements helps to reduce foreign exchange risks; and the current lower interest rates in the domestic Renminbi market help to reduce debt financing costs."
Geely Automobile Holdings Ltd. published this content on 24 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2023 12:01:10 UTC.
Geely Automobile Holdings Limited specializes in the construction and marketing of passenger cars. Net sales break down by activity as follows:
- sales of vehicles (96.3%): 1,500,838 vehicles sold in 2018, broken down by brand name as follows: Boyue (226.160 unit's), New Emgrand (223,068), Vision (160.168), Emgrand GS (152,338), Vision SUV/X3/S1 (327,714), Emgrand GL (144,181), Lynk&Co 01 (78,235), Binrui (40,632) and GC9 (38,260) ;
- sales of spare parts and automotive components (3.7%).
At the end of 2018, the group operated 10 production sites in China.
Net sales are distributed geographically as follows: China (98.7%), Middle East (0.6%), Europe (0.4%), Africa (0.2%) and Latin America (0.1%).
Geely Automobile : Announced the Approval of Registration of Debt Financiing Instruments By the National Association of Financial Market Institutional Investors