2021.12.24
In December 2021, Jingjiang Port Group Co., Ltd. (“JJPG”) issued offshore USD bonds in an amount of USD 98 million, with the interest rate of 1.95% and a 3-year maturity. The bonds were offered on the Stock Exchange of Hong Kong (SEHK) on December 17, 2021. This is the first issuance of USD bonds by a city construction investment company with the lowest interest rate in China’s history.
Founded in July 2007, Jingjiang Port Group Co., Ltd. is engaged in the development and operation of ports, commodity trades and construction of supporting facilities in port areas. It is the only state-owned port construction and operation entity in the Port of Jingjiang, Taizhou and the largest public port operator in the country.
JunHe’s Hong Kong and Shanghai offices were appointed to be the issuer’s counsel for Chinese law in the project. The team from JunHe’s Shanghai office provided a full range of legal services for addressing issues regarding Chinese law. This included performing due diligence on JJPG and its onshore subsidiaries, issuing opinions on Chinese law, and reviewing and revising the transaction documents. The team from JunHe’s Hong Kong office provided a full range of legal services for addressing issues regarding international law. This included drafting the offering circular, participating in the negotiation and revision of the transaction documents, and arranging the closing. The team from JunHe’s Hong Kong office was appointed to be the agent for the issuance of the bonds which provided the issuer with services to offer bonds on the SEHK.
JunHe’s onshore and offshore offices worked together to provide “one-stop” legal services for its valued clients. The offices cooperated with each other closely and efficiently which improving communications and saved time and costs for the client. JunHe maintained the prudent, efficient, thoroughness and dedication it has consistently displayed during its past practice, and thus was highly recognized and praised by the client and the other intermediaries.
The lead partners for the project were Wei Guangqin WEI, Guangqin and Phyllis Xu, and the partner responsible for the internal review was Joe Wan .
