Recently, JunHe acted as the international legal counsel and listing agency for the issuer and assisted the Nanjing Jiangning Economic Technology Development General Company (“Jiangning Economic Technology Development Zone”) 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 and upholds a commitment to the maintenance and equity repurchase made by the domestic entity. The Regulation S 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 bond was listed on the Stock Exchange of Hong Kong Ltd. on October 28, 2020. Fitch Ratings (an international rating institution) assigned the bond a BBB credit rating. It was the first overseas high-grade bonds issued by the Jiangning Economic Technology Development Zone.
The Jiangning Economic Technology Development Zone was established in 1992, the Jiangning District People's Government of Nanjing Municipality and the Jiangning Economic and Technological Development Zone Management Committee jointly hold shares in the enterprise, which is a state-owned enterprise. The Jiangning Economic and Technological Development Zone is authorized by the Nanjing Jiangning Economic and Technological Development Zone Management Committee and 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.
JunHe acted as the international legal counsel of the Issuer for this project and provided comprehensive service to the client in connection with the issue structure of the bonds, offering bond circular, the transaction documents and other matters. JunHe as the listing agency of the issuer and fully communicated with the Stock Exchange of Hong Kong Ltd. ("SEHK") on the listing arrangements, obtained 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.