Qingling Motors Co, the truck maker with H shares listed in Hong Kong, says it is investigating a possible convertible bond issue to raise US$100 million. News of the prospective issue closely followed yesterday's announcement that fellow H-share company, Zhenhai Refining & Chemical, would raise up to $200 million in a Eurodollar convertible bond issue. Qingling, which says it may grant an option to the manager to issue more bonds up to a further 15 per cent of the overall value, said it would use the funds to expand and upgrade its production facilities. Qingling and Zhenhai are among three mainland companies listed in Hong Kong and New York which have won approval to issue convertible bonds. The combined value of those issues is $500 million.