(Yicai Global) Feb. 10 -- Industrial Securities plans to issue up to CNY3 billion (USD429 million) worth of corporate bonds as the firm looks become the first Chinese brokerage to raise funds to support businesses engaged in the control of the novel coronavirus epidemic.

Companies involved in pharmaceutical research and development, medical device manufacturing, materials transport and storage, and construction in epidemic-stricken regions will take priority in distribution of the funds, an executive at the company said. It did not disclose the coupon or duration of the bonds.

The bills will be China's first issued specifically for the outbreak, which has claimed more than 900 lives to date, by a securities brokerage and the first to be sold to the public. The Shanghai Stock Exchange has approved their issuance and offered a green channel to speed up the procedure.

The People's Bank of China, the China Securities Regulatory Commission and three other central government agencies announced after the outbreak of the coronavirus, which has claimed over 900 lives to date, that they would introduce measures to improve financial support for the control of the epidemic and offer their expertise to affected regions, companies and investors.

Editors: Zhang Yushuo, James Boynton