2021.12.22
On December 21, 2021, Huzhou New City Investment Development Group Co., Ltd. issued RMB 200 million of free trade zone bonds with a coupon rate of 4.50% and a maturity of three years. Such bonds are backed by a standby letter of credit (SBLC) provided by the Bank of Ningbo, Huzhou Branch and will be listed on the Macao Stock Exchange.
With the approval of Huzhou People's Government, Huzhou New City Investment Development Group Co., Ltd. was established as a modern large-scale state-owned conglomerate on the basis of the former Huzhou New City Investment Development Group Co., Ltd., and by incorporating enterprises and operational assets in such fields as water, gas, urban construction, real estate and market. It is a wholly state-owned limited liability company directly under the municipal government.
This is the first issuance of SBLC-backed free trade zone offshore bonds in China. JunHe acted as PRC legal advisor to the underwriters of this project and participated throughout the designing of transaction structure, The team conducted due diligence on Chinese laws and issued Chinese legal opinions. They assisted in the internal and external approval process of the issuer and assisted in reviewing the transaction documents from the perspective of Chinese law, providing high-quality, rigorous and efficient legal services, providing high-quality, rigorous and efficient legal services. JunHe was recognized and trusted by the issuer and the other intermediaries for its rigorous and efficient work style as well as its meticulous and dedicated service attitude.
The leading partner of this project was Mr. YU, Yongqiang (YY) and the partner for the internal review was Ms. ZHAO, Jun.
