In January 2022, Quzhou Communications Investment Group Co., Ltd. (“QCIG”) issued USD 200 million offshore bonds at a rate of 2.5 % and due in 2025 (the “Bonds”). The Bonds were assigned a ‘BBB-‘ rating by Fitch and BBBg by CCXI and certified as green and sustainable financing by the Hong Kong Quality Assurance Agency. The Bonds were listed on the Hong Kong Exchanges and Clearing Limited (“HKEX”) and Chongwa (Macao) Financial Asset Exchange Co., Ltd. (“MOX”) on January 26, 2022. These are QCIG’s first investment offshore bonds, their first offshore green bonds, and their first offshore bonds to be listed in both Hong Kong and Macau.
Established in 2002, QCIG is a state-owned enterprise directly under the Quzhou municipal government. With registered capital of RMB2 billion, QCIG’s primary business includes the investment, construction, and operation of integrated communication projects, engineering construction, real estate development and industrial investment and finance. QCIG is a leader in the investment, financing and construction of major communication infrastructure projects in Quzhou. The company plays a prominent role in the construction of major municipal communications projects and the development of shipping in Quzhou.
Acting as the UK legal counsel to the issuer in this project, JunHe’s lawyers drafted the offering circular, participated in the negotiation and modification of the transaction documents, arranged closing, and advised on the UK legal matters involved in this project. As the listing agent for the Bonds, JunHe’s team advised the issuer on the listing of the Bonds on the HKEX and the MOX.
The leading partner in this project was Mr. Chris Tang.