(Yicai Global) Nov. 13 -- Chinese garment maker Heilan Home Co. [SHA:600398] plans to raise CNY3 billion (USD451.7 million) through its convertible bonds to develop its e-commerce business and womenswear brand "Eichitoo," the company announced.

The core business of Heilan Home is menswear. During China's Double-11 e-commerce festival, which falls on Nov.11, the CNY400-million transaction volume of its menswear brand ranked first in its category in terms of sales on Tmall, the trading platform of China's e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA].

The firm has further expanded into the womenswear field in recent years and unveiled its brand "Eichitoo." The sales volume of Eichitoo reached CNY510 million in 2016, an increase of 67.17 percent year-on-year, while its menswear brand only grew by 8.98 percent annually, data provided by Heilan Home show.

The funds raised in this financing round will be spent on upgrading promotion projects, construction of a logistics park and setting up a research and development office, with a view to locate new drivers of profit growth and boost their womenswear brand as well as the e-commerce business, the company said.