29 July 2021
Following Ninghai City Investment Group’s (hereinafter “Ninghai City Investment”) successful Initial Public Offering in 2020, JunHe as the Issuer’s international legal counsel and listing agency recently assisted Ninghai City Investment in its second issuance of overseas US dollar bonds through Goucheng International Co., Ltd. (the “Issuer”), which is its BVI subsidiary.
The bonds issue adopted the structure of issuance by an overseas entity with unconditional and irrevocable guarantees provided by the domestic entity. The Regulation S shares have a fixed interest rate of 3.48% with an issue scale of USD100 million for an issue period of three years. The bonds were listed on the Stock Exchange of Hong Kong on June 16, 2021.
Ninghai City Investment was established in 2020 and it has been greatly supported by Ninghai County People's Government since its establishment. Ninghai City Investment is the largest and most important infrastructure subject of operation in the region. It has a regional monopoly position in such industries as land development and consolidation, road transport construction, water conservation and water affairs construction, social security housing and resettlement housing construction, as well as development and operations in industrial parks. It represents the Ninghai county State-Owned Asset Supervision and Administration Bureau in managing and operating its state-owned stock assets to ensure preservation and appreciation of state-owned assets, as well as the optimization of the structure and quality of state-owned assets. The Company raises funds for urban construction and transformation through various channels, such as land purchases and reversals and land public auctions. It aims to achieve further urban construction and development, as well as urban maintenance and redevelopment, which will have the dual functions of land preservation and urban construction.
JunHe as the Issuer’s international legal counsel for this project provided comprehensive legal services to the client regarding the structure of the bond issue, the offering circular, the transaction documents and other matters. Meanwhile, JunHe as the Issuer’s listing agency fully communicated with the Stock Exchange of Hong Kong ("SEHK") on the listing arrangements and cooperated with the Issuer to successfully complete the listing of the bonds within in a tight schedule. JunHe has always been recognized and trusted by the company and other intermediaries for its rigorous and efficient work style as well as its meticulous and dedicated service attitude.
For further information, please contact:
Phyllis Xu, Partner, JunHe
pxu@junhe.com
