WESTCHINACEMENT (02233) rose nearly 3%, gaining 2.64% to HK$3.11 by the time of writing, with a turnover of HK$22.81 million. The company recently announced that it, along with subsidiary guarantors, entered into a purchase agreement with CICC, HSBC, and J.P. Morgan to issue $400 million in 9.90% senior notes due 2028. The notes will be priced at 99.115% of their principal amount. Proceeds from the issuance, combined with existing cash, will be used to repurchase, redeem, or repay existing debt (including the 2026 notes via tender offer or redemption) and for working capital (including current liabilities). Fitch Ratings expects that after the $400 million bond issuance, WESTCHINACEMENT will not face significant debt maturities before 2028, supporting its financial flexibility and expected credit rating. In June 2025, the company sold its Xinjiang assets to Anhui Conch Cement for RMB1.65 billion. Fitch anticipates that the proceeds from the sale and the new senior unsecured bonds will be used to repay WESTCHINACEMENT's $600 million notes due July 2026. Additionally, supported by improved EBITDA, moderate capex, and enhanced financing access, the company's readily available cash is projected to exceed RMB2 billion by the end of 2026 (compared to RMB1.3 billion in 2024).