29 July 2021
Qingdao Metro Group Co., Ltd. ("Qingdao Metro") recently obtained a Notice of Registration Acceptance from National Association of Financial Market Institutional Investors ("NAFMII"), approving its issuance of RMB 5 billion Medium Term Notes. The Company previously had successfully issued its first tranche of 2021 RMB 2 billion MTN (this "Offering").
Qingdao Metro was established in 2012 and is one of the large state-owned enterprises owned by the People's Government of Qingdao. Authorized by the People's Government of Qingdao, it engages in a full range of operations as a sole entity, including the Qingdao urban rail transit’s investment and construction. This includes project planning, investment, financing, bidding, construction, and resource development.
Qingdao Metro‘s core businesses includes railway operation, real estate, leasing and advertising. At present, Qingdao Metro has nine lines approved which are Metro Lines 1, 2, 3, 4, 6, 7, 8, 11 and 13, with a total length of over 360 km.
Since its first line became operational in 2015, Qingdao Metro has built and run a total of six lines (the northern section of Lines 3, 2, 11, 13, and north of Line 1 and Lines 8), with a total operating mileage exceeding 240 km, ranking it among the top 10 cities in China's railway operations. In 2019, Qingdao Metro transported 188 million passengers safely, with a punctuality rate and a running lines fulfillment rate of over 99.99%.
JunHe acted as legal counsel to the issuer in this issuance, and provided a full range of legal services with respect to the determination of the issuance structure, the conduct of due diligence, the drafting of relevant documents, and the application materials, all of which ensured that the issuance went smoothly.
JunHe’s team effectively communicated and cooperated with the parties of the intermediaries in this transaction, conducted in-depth analysis, and proposed several solutions, which finally led to the successful issuance. JunHe has once again won high recognition from the issuers and the other intermediaries for its meticulous, professional, efficient, and experienced legal services.
