2020.01.02
In recent years, issuance of offshore bonds by Chinese enterprises has been booming, and the number of offshore bond issuance projects participated by JunHe has been increasing year by year. In 2019, JunHe assisted Chinese enterprises in issuing over 100 offshore bonds, raising more than USD40 billion in aggregate, and maintained its leading position in the market. Moreover, JunHe’s domestic and overseas offices have provided domestic and overseas "one-stop" legal services for an increasing number of Chinese enterprises to issue offshore bonds.
Offshore bond issuers assisted by JunHe in 2019 mainly include:
Sinopec Group, China National Offshore Oil Corporation (CNOOC)，China Huadian Corporation Ltd., China Huaneng，Aluminum Corporation of China (CHALCO), State Development & Investment Corp., Ltd. (SDIC), CITIC Limited, and other central enterprises;
Agricultural Development Bank of China, Industrial and Commercial Bank of China, Bank of Communications, China Everbright Bank, China Merchants Bank and other banks;
China Huarong Asset Management Co., Ltd., China Orient Asset Management Co., Ltd., China Great Wall Asset Management Co., Ltd., Zhongyuan Asset Management Co., Ltd., and other asset management companies;
TF Securities, Southwest Securities, Dongxing Securities, and other securities companies;
China Development Bank Leasing Co., Ltd., ICBC Leasing Co., Ltd., Bank of Communications Financial Leasing Co., Ltd., CMB Financial Leasing Co., Ltd., Minsheng Financial Leasing Co., Ltd., China Huarong Financial Leasing Co., Ltd., and other financial leasing companies, as well as China Aircraft Leasing Company Limited, JIC Leasing Co., Ltd. and other non-financial leasing companies;
Lianyungang Port Group Co., Ltd., Shandong Gold Group Co., Ltd., Shandong Iron & Steel Group Co., Ltd., Shuifa Group Co., Ltd., Xinjiang Zhongtai Chemical (Group) Co., Ltd., JISCO, and other large local state-owned enterprises;
City investment enterprises in Zhejiang, Jiangsu, Shandong, Anhui, Sichuan, Hunan, Fujian, Guangdong, Yunnan, Gansu, Shaanxi, Liaoning, Heilongjiang, Guizhou, Shanxi and other provinces;
China Jinmao, China Overseas Holding Group, Yuexiu Property Company Limited, Guangzhou R&F Properties Co Ltd., DaFa Properties Group Limited., Powerlong Group, Golden Wheel Tiandi Holdings Company Limited, Redco Properties Group Limited, Zhongnan Construction Group, Landsea Group, and other large real estate enterprises;
Bright Scholar Education Group, Yuhua Education Group, Chongqing Casin Group Co., Ltd., Chongqing Huayu Group Co., Ltd., Macrolink Holding Co., Ltd., AAC Technologies，CAR Inc.，China Grand Automotive Services Co., Ltd., ENN Ecological Holdings Co., Ltd., Beijing 21Vianet Broad Band Data Center Co., Ltd., and other large private enterprises and domestic and overseas listed companies.
In 2019, JunHe participated in a number of representative offshore bond issuance projects, including:
Issuance of offshore RMB bond by Agricultural Development Bank of China. It is the first bond to be issued to both institutions and the general public in Hong Kong, Macau, Luxembourg, Frankfurt and London at the same time, which is among the first batch of offshore bonds listed on the Macao Stock Exchange, setting a precedent for the listing of bonds of mainland policy-based financial institutions in Macao.
The leading partner of this project is Mr. YU, Yongqiang (YY).
Issuance of offshore bond by Nanjing Southeast State-owned Assets Investment Group Co., Ltd. It is the first bond of China (Shanghai) Pilot Free Trade Zone and offshore bond in the world. The registration, custody and settlement of this bond was undertaken by China Central Depository & Clearing Co., Ltd., to which JunHe provided domestic and overseas legal services.
The leading partners of this project are Mr. LI, Chenliang, Mr. TAO, Xudong, Mr. YU, Yongqiang (YY), and Mr. Chris Tang.
Issuance of offshore USD perpetual bond by China Huadian Corporation. It is the first offshore perpetual bond issued by a central enterprise following the issuance by the Ministry of Finance of the Provisions on the Accounting Treatment of Perpetual Bonds and the Announcement on Issues concerning Enterprise Income Tax Policies on Perpetual Bonds in 2019.
The leading partner of this project is Mr.YU, Yongqiang (YY).
Issuance of offshore USD bond by China Huaneng Group. It marks the largest issuance of USD bond by a domestic power generation group and the lowest yield and the narrowest spread for three-year USD bonds issued by Chinese enterprises this year.
The leading partner of this project is Mr.YU, Yongqiang (YY).
Issuance of offshore USD green bond by ICBC Leasing. It is the first green bond issued by a Chinese leasing company.
The leading partners of this project are Mr. WANG, Gang (Gavin) and Mr. YU, Yongqiang (YY).
Issuance of offshore convertible bond by Yuhua Education Group. It is successfully issued following the issuance of the Regulations on the Implementation of the Privately-run Education Promotion Law (Revised Draft) (Draft for Review) and the Several Opinions on Deepening the Reform and Regulating the Development of Preschool Education and upon sharp falls in the prices of shares of the relevant listed privately-run education enterprises.
The leading partner of this project is Mr. SHAO, Chunyang.
Issuance of offshore bond by Zhongyuan Asset Management Co., Ltd.. It is the first local asset management company to issue offshore bonds.
The leading partner of this project is Mr. YU, Yongqiang (YY).
Issuance of offshore USD senior bond by AAC Technologies. It is the first bond issued by AAC Technologies, a global leading enterprise in precision manufacturing, following its listing.
The leading partners of this project are Mr. WANG, Yi and Mr. JIANG, Wenjun (Kelvin).
Issuance of offshore exchangeable bond by Yuexiu Property Company Limited. This bond took the fund unit of Yuexiu REITs listed in Hong Kong, which is held by Yuexiu Property Company Limited, as the exchange target.
The leading partners of this project are Mr. ZHANG, Ping and Mr. YU, Yongqiang (YY).
Issuance of offshore medium-term notes by CITIC Limited. JunHe assisted the issuer in updating its $9 billion medium-term note programme successfully.
The leading partners of this updating project are Mr. LI, Qi (Adam) and Mr. ZHAO, Zheng.
Issuance of USD bonds by Guangzhou Development District (GDD) Financial Holding Group Co., Ltd. (GDD FINANCIAL HOLDINGS). GDD Financial Holdings is the first domestic enterprise in a district that was rated "Baa1" by Moody, and the first state-owned enterprise in a district that was rated "BBB +" by Fitch among 219 national economic development zones. The bonds were oversubscribed by more than 10 times, and the final bond pricing was narrowed significantly compared with the initial price guidelines.
The leading partners of this project are Mr.YU, Yongqiang (YY) and Mr. WAN, Jing (Joe).
In 2019, the representative projects to which JunHe’s domestic and overseas offices provided "one-stop" domestic and overseas legal services mainly include:
Issuance of offshore USD bonds by Macrolink Holding Co., Ltd. (bond transaction under the law of New York)
The leading partners of this project are Mr. ZHAO, Xiyong (Sammuel), Mr. Chris Tang and Ms. LOU, Lan.
Issuance of offshore bonds by Chongqing Casin Group Co., Ltd. (initial offering of bonds under the British law)
The leading partners of this project are Mr. YU, Yongqiang (YY), Mr. Chris Tang and Mr. Stephen Wozencroft.
Issuance of offshore bonds by Chongqing Huayu Group Co., Ltd. (initial offering of bonds under the British law)
The leading partners of this project are Mr. Joe Wan, Mr. Chris Tang and Mr. Stephen Wozencroft.
