In August 2026, JunHe acted as the international legal advisor and listing agent for Fujian Zhanglong Group Co., Ltd. (Fujian Zhanglong Group) in its successful issuance of sustainable offshore RMB bonds, which were listed on the Chongwa (Macau) Financial Asset Exchange (MOX). The bond issuance amounted to RMB 3.056 billion, with a term of 5 years and a coupon rate of 2.35%. It set a new low for offshore RMB bond rates among state-owned enterprises in Fujian Province and was also the first 5-year sustainable offshore RMB bond issuance in Fujian Province.
Fujian Zhanglong Group was established in July 2001. It is a key state-owned enterprise supported by Zhangzhou City and the company undertakes public service functions such as infrastructure construction, water supply and sewage treatment. Leveraging the coastal advantages of Fujian Province, the group is committed to the sustainable development and utilization of marine resources. Fujian Zhanglong Group’s international credit ratings are BBB+ (Fitch) and A (United Ratings). United Ratings also assigned an ‘A’ international long-term issuer debt rating to this bond issuance.
These bonds were issued under Fujian Zhanglong Group’s Sustainable Financing Framework and highlight its core strategy of green sustainable development. The framework will broaden the investor base, ensuring the group’s development practices align with the State Council’s green development strategy and the national sustainable development vision. It will also assist the company in achieving its carbon peak and carbon neutrality goals during the 15th Five-Year Plan period and beyond. Fujian Zhanglong Group engaged United Green Development to evaluate the group’s Sustainable Financing Framework and it obtained a Second Party Opinion (SPO) report. The report confirmed that the current framework aligns with international standards and meets China’s sustainable finance practice standards, demonstrating high recognition from international authoritative ESG evaluation institutions for the sustainability of the group’s financing framework.
The JunHe team served as the issuer’s international legal advisor for this project. They drafted the issuance circular, participated in the negotiation and amendment of the transaction documents, arranged the closing and provided comprehensive legal services on the UK legal issues involved in this project. As the listing agent, JunHe also assisted in the bond’s listing on the MOX.
Chris TANG was the lead partner for this project.
