On October 10, 2024, Shenzhen Futian Investment Holdings Co., Ltd. ("SFIH”) successfully issued RMB 3 billion offshore green sustainable development bonds (the "Bonds") in Hong Kong with a coupon rate of 2.7%, hitting a new low for offshore RMB bonds issued by local state-owned enterprises in China. On October 21, 2024, the Bonds were listed on the Greater Bay Area Bond Platform of the Shenzhen Stock Exchange. The Bonds had been listed previously on the Hong Kong Stock Exchange. This was the first ever cross-border green sustainable development bond issued by a local state-owned enterprise to be listed on the Greater Bay Area Bond Platform of the Shenzhen Stock Exchange, and the first cross-border bond to be listed on both the Hong Kong and Shenzhen stock exchanges.
SFIH was established in November 1983 with registered capital of RMB 4.026 billion. It is a wholly state-owned enterprise controlled by the People's Government of Futian District of Shenzhen Municipality, in which the Shenzhen Futian District State-owned Assets Supervision and Administration Bureau holds 100% equity interest. SFIH is a comprehensive investment holding company known for its urban construction investment and development and for performing the responsibilities of state-owned enterprises. It is involved in urban construction and development, the operation of sports venues and industrial buildings, and the development of the dual-carbon economy. By fully leveraging its advantages in capital and market-oriented operations, it contributes to strategic investment, industrial introduction, the national economy, people's livelihoods and public services.
JunHe acted as the PRC legal counsel to the issuer and provided rigorous and high-quality legal services. This included filing and communicating with the NDRC regarding the issuance of the offshore bonds, assisting the issuer in clarifying and improving the internal and external approval processes and conducting PRC legal due diligence. JunHe issued PRC legal opinions, reviewed the transaction documents based on PRC laws, and assisted with the listing of the Bonds on the Greater Bay Area Bond Platform of the Shenzhen Stock Exchange. JunHe was recognized and trusted by the issuer and the other intermediaries for its detail-oriented and professional expertise.
Partner YU, Yongqiang (YY) led the JunHe team, with support from partner AN, Ming for the internal control matters.