In June 2022, JunHe acted as the global counsel to the issuer, Linyi City Development Group Co., Ltd. (hereinafter “Linyi City Development Group”), in its successful initial issuance of offshore USD bonds. The size of the bond issuance was USD 300 million at a coupon rate of 5.20%, maturing in three years. The bonds were listed on the Stock Exchange of Hong Kong on June 27, 2022.
Linyi City Development Group is the second largest state-owned enterprise and the second enterprise in Linyi, Shandong Province to receive an investment grade international rating (Fitch: BBB-, Moody’s: Baa3). This “dual investment grade” rating is by far the highest international rating received in Linyi, demonstrating the high recognition of Linyi City Development Group by the international capital market. Since its establishment, Linyi City Development Group, with the mission of managing Linyi’s urban resources and serving urban development, has made precise efforts in capital operation, asset management and market expansion, and has transformed from a “pure financing platform” to a “market-oriented platform” to a “comprehensive urban management operation service provider.” It has gradually built a “multi-wing” real industry management system focusing on rural revitalization, industrial technology, talent education, cultural tourism, digital intelligence, commercial management, construction and development, international trade, industrial-city services and financial control.
JunHe’s team acted as the global counsel to the issuer in this project and provided legal services. They drafted the offering circular, participated in the negotiation and modification of the transaction documents, and arranged for closing. JunHe’s team, as the agent for the listing of the bonds, advised the issuer on the listing of the bonds on the Stock Exchange of Hong Kong. After previously acting as the global counsel to Qingdao Jimo District Urban Tourism Development and Investment, Shandong Mingshui Guokai Industrial Development Company and Linyi Zhenping New Rural Construction Company, JunHe has once again assisted a local Shandon Province enterprise in its successful issuance of offshore bonds.
This project was led by Mr. Chris Tang.