SHANGHAI/HONG KONG—Chinese companies are rushing to access cheap funds via “virus bonds” as they capitalize on Beijing’s efforts to channel money into virus-hit areas of the economy, but prospectuses show most of the funds raised will be used for other purposes.
A Reuters analysis reveals only a third of the roughly 14 billion yuan ($2.01 billion) being raised under a new fast-track regulatory process for “virus prevention and control bonds” will actually be used for the cause.
