2026.08.30
In August 2026, China General Nuclear Power Corporation (CGN), the overseas investment and financing platform of CGNPC International Limited (CGNPC), successfully issued RMB 25 billion 10-year green Panda Bonds and RMB 20 billion 5-year Panda Bonds, achieving the largest scale of 10-year green Panda Bonds on the Interbank Market. This issuance set multiple market records: it was the first 10-year green Panda Bond on the Interbank Market in 2026, the lowest historical interest rate of 2.15% for 10-year Panda Bonds on the Interbank Market, the largest single issuance scale of 10-year green Panda Bonds on the Interbank Market and the lowest level of 1.75% coupon rate for 5-year bonds.
As the overseas investment and financing platform of CGNPC, CGN successfully completed this bond issuance. CGN leveraged the group's deep foundations in the clean energy industry and its mission of developing clean energy to benefit society. This Panda Bond issuance is an important part of CGN’s implementation of ESG concepts in cross-border capital market financing and powerfully promotes the internationalization of the RMB using the panda bond tool. CGN further solidified its overseas investment and financing platform with this successful issuance. It optimized its overseas debt structure, enhanced its own and the group's credit level and market influence in the domestic capital market and provided capital support for the development of the clean energy industry.
JunHe’s Beijing and Hong Kong teams served as the domestic and Hong Kong legal advisors for the issuer in this project. They provided comprehensive legal services for the domestic and overseas legal issues involved, including but not limited to conducting due diligence, reviewing the prospectus and the other transaction documents, and issuing domestic and Hong Kong legal opinions.
The project had strict deadlines, a heavy workload and required the integrated coordination of both domestic and overseas legal expertise. It required exceptionally high standards of professionalism, coordination, response speed, work quality and collaboration from the JunHe team. JunHe fully leveraged its corporate and integrated management systems, with the Beijing and Hong Kong teams working closely together to provide comprehensive and integrated legal services for this issuance. The JunHe team received high recognition and praise from the client for its professional, meticulous and efficient service, excellent cross-professional and cross-field cooperation ability, rich project experience, and professional and rigorous service attitude.
The leading partners for this project were ZHAO, Xiyong (Sammuel), LEI, Tianxiao and Chris TANG. YE, Junli was the internal review partner.
