JINHUI Holdings decided to list its 50 million deutschemark (about HK$221 million) guaranteed convertible bonds in Frankfurt because it wanted to tap the growing interest among German investors in China plays. ''We know that there is an increasing interest in China among German investors, who are supposed to be very conservative. So we decided to introduce Jinhui to German investors,'' said Mineo Murai, vice-chairman of Nomura International (HK), whose Germansister company is the bond's lead manager. Ship charterer Jinhui is 20 per cent owned by China Non-ferrous Metals Industry Corp, 28.5 per cent by the public and the rest by Fairline Consultants, which is controlled by the Ng family. About 40 per cent of the issue's net proceeds of 48.7 million will be used to finance the company's joint ventures in China, and the balance for its existing trading business and the purchase of two dry-bulk carriers. The three-year bonds have an interest rate of 2.5 per cent and may be converted initially into Jinhui shares at $2.09. If the bonds are fully converted, Jinhui will issue about 105.5 million new shares, amounting to about 20 per cent of its existing issued share capital.