Jinan Shengquan Signs Fundraising Supervision Agreements for Convertible Bonds Proceeds

Jinan Shengquan (SHA:605589) signed a fundraising supervision agreement for the release of 2.49 billion yuan in net proceeds from the issuance of convertible bonds, according to a Saturday filing with the Shanghai bourse. The agreement, signed by subsidiary Shandong Shengquan New Energy Technology, China Minsheng Bank (HKG:1988, SHA:600016), and sponsor Guojin Securities, will supervise the special bank account that Shengquan uses for the proceeds. The company also signed another agreement with Guojin and China CITIC Bank (HKG:0998, SHA:601998) for the raised funds.