Poly Developments seeks approval for new RMB15 bn bond issuance

Poly Developments and Holdings Group Co., Ltd. announced its upcoming fourth extraordinary general meeting for 2025, scheduled for October 9, 2025. Shareholders will vote on a proposal to issue new company bonds totaling up to RMB15 billion. This initiative aims to secure low-cost, long-term capital, optimize the company's debt structure, repay maturing debt, and reinforce financing management. The prior RMB10 billion registration has been fully utilized.

The proposed bonds will have a maximum term of 10 years and a face value of RMB100. The specific term structure, issuance size, and interest rates will be determined through negotiations with underwriters based on market conditions. The proceeds from this public offering are intended for debt repayment, working capital, project construction, and potential real estate acquisitions, adhering to all legal and regulatory frameworks. The company confirms it meets all conditions for public issuance of company bonds to professional investors.

Shareholders will also consider authorizing the board of directors to manage all aspects of the bond issuance, including setting specific terms, engaging intermediaries, and handling listing procedures. The authorization, if approved, will remain valid until all related matters are finalized. The company also outlined several debt protection measures, such as withholding profit distribution, pausing major investments, and adjusting compensation for directors and senior management, should a timely repayment issue arise.