In June 2022, Fujian Jinjiang Urban Construction Investment and Development Group (“Jinjiang Urban Construction”) re-issued, through its subsidiary, Jinjiang Road & Bridge Construction Development Company offshore USD Bonds (the “Bonds”), for which Jinjiang Urban Construction provided an irrevocable guarantee. The size of the bond issuance was USD 142 million at a rate of 4.50%, maturing in 364 days. The Bonds were simultaneously listed on the Stock Exchange of Hong Kong Ltd. (“SEHK”) and Chongwa (Macao) Financial Asset Exchange Co., Ltd. (“MOX”) on June 27, 2022.
This was the second USD bond issue completed in the Hong Kong market after Jinjiang Urban Construction previously completed its previous successful initial issuance of offshore USD bonds in the Macao market. The two issuances in different markets raised an aggregate of USD 300 million for the company, making Jinjing Urban Construction the first company in Fujian Province to issue bonds maturing in 364 days in Hong Kong and Macao respectively. Acting as the global counsel to the underwriter and trustee in this bond issuance, JunHe comprehensively updated the transaction structure and documents in line with Hong Kong market practice and based on the documents of the company with respect to its previous issuance in the Macao market. Despite the short period of time and heavy workload for the execution of this project, JunHe assisted the company and the project team in tackling various technical issues and successfully issuing the Bonds.
This project was led by Mr. Chris Tang and Mr. Lee, Alex Jao Jang.