Recently, JunHe acted as the international legal counsel and listing agency for the issuer and assisted Nanjing Jiangning Economic and Technological Development Corporation (“Jiangning Economic and Technological Development”) in the successful issuance of overseas US Dollar bonds through its BVI subsidiary, Jiangning Jingkai Overseas Investment Co., Ltd. The bonds were listed on the Stock Exchange of Hong Kong Ltd. (the “SEHK”).
The bonds issuance adopted the structure of an issuance by an overseas entity with a keepwell and equity repurchase commitment made by the domestic entity. The issuance is subject to the Regulation S and has a fixed interest rate with an issue scale of USD200 million. The interest rate was 3.15% and the issue period was 364 days. The bonds were listed on the SEHK on October 28, 2020. Fitch Ratings (an international rating institution) assigned the bonds a BBB credit rating. It was the first deal of overseas senior bonds issued by Jiangning Economic and Technological Development.
Jiangning Economic and Technological Development, established in 1992, is now a state-owned enterprise jointly held by the Jiangning District People's Government of Nanjing Municipality and the Jiangning Economic and Technological Development Zone Management Committee. Jiangning Economic and Technological Development, as authorized by the Nanjing Jiangning Economic and Technological Development Zone Management Committee, is responsible for the overall planning, organization and implementation of the land development, transfer and infrastructure construction, as well as the operation and management of the state-owned assets, the operation of the public utilities, the development of the supporting functions and investment promotion in the Nanjing Jiangning Economic and Technological Development Zone.
JunHe acted as the international legal counsel to the Issuer for this project and provided comprehensive service to the client in connection with the issue structure of the bonds, the offering circular, the transaction documents and other matters. JunHe as the listing agency of the issuer fully communicated with the SEHK in respect of the listing arrangements, assisted the issuer in obtaining special exemption from the SEHK with regard to certain compulsory requirements in the listing rules and cooperated with the issuer to successfully complete the listing of the bonds.