2024.08.23
In July 2024, Yunnan Communications Investment & Construction Group Co., Ltd. (“YCICG”) successfully issued USD 200 million senior unsecured offshore bonds.
This was YCICG’s second offshore bond issuance after its debut in 2021 in the international capital market and the bonds were well received by many well-known international investors. With the support of a high-quality book, the final price guidance decreased by 50 basis points compared with the initial price guidance, achieving a desirable pricing outcome. This positive outcome reflects YCICG’s efforts over the past three years in shaping an outstanding image in the international capital market and attracting international investors.
Founded in 2006, YCICG is a provincial state-owned enterprise in Yunnan Province and is a main force in the construction of Yunnan's comprehensive transportation system. Its business covers the planning and design, investment and construction, operation and management, development, materials trading, transportation, science and technologies relating to highways, railways, water transportation and aviation. By the end of April 2024, the total assets managed by YCICG amounted to RMB 992.616 billion, ranking it among the top 500 Chinese enterprises and the top 100 leading enterprises in China's strategic emerging industries. The total mileage of highways completed and under construction by YCICG reaches 8,393 kilometers. It has a AAA corporate credit rating.
JunHe acted as the PRC legal counsel and the international legal counsel to the issuer, respectively. The legal services provided by the PRC legal counsel to the issuer included conducting domestic legal due diligence, issuing PRC legal opinions, reviewing the transaction documents and other legal services regarding PRC law related issues. The legal services provided by the international legal counsel to the issuer included drafting the offering circular, participating in the negotiation and amendment of the transaction documents, issuing overseas legal opinions and other legal services regarding foreign law related issues involved in the project. JunHe was recognized and trusted by the client and the other intermediaries for its rigorous and efficient legal services and its detail-oriented and professional expertise.
This is another representative project in which JunHe’s domestic and overseas teams joined forces to provide one-stop legal services. The close cooperation between the firm’s domestic and overseas offices improved communications, saved time and reduced costs for the clients.
Partners YU, Yongqiang (YY) and LEI, Tianxiao led the JunHe team acting as the PRC legal counsel to the issuer, and Partner Chris Tang led the team acting as the international legal counsel to the issuer.
