Beiqi Foton Motor Co Ltd, the largest commercial vehicle producer in China, announced its board has agreed to issue up to 1 billion Yuan worth of corporate bonds in a bid to diversify the company's financing channels. Proceeds of the five-year fixed-rate bonds will be used to repay bank loans and replenish working capital, the automaker said in a statement.

Foton, shortened for the Beiqi Foton Motor Co., Ltd., was founded on August 28, 1996. It is a state-owned holding company with different types of ownership and a company listed in the stock exchange market. Its business operation extends in various regions and sectors.