Pingxiang Urban Construction Investment Developing Company (PUCIDC) successfully issued USD bonds in May 2019. It issued USD-denominated bonds worth USD 2.92 million with a coupon rate of 4.95% and an irrevocable standby letter of credit from the Bank of Jiujiang provided. This was the public offering of USD-denominated bonds issued by a commercial city bank in Jiangxi province for credit enhancement.

On December 3, 2018, PUCIDC was successfully registered with the National Development and Reform Commission for overseas issuance of USD bonds. On May 20 and 21, 2019, under the leadership of the Municipal State-owned Assets Supervision and Administration Commission, PUCID and the Bank of Jiujiang staged road shows and did pricing and issuance work in Hong Kong. They attended a meeting of investors, and fully exchanged with over 50 well-known institutional investors including AXA Investment Managers, Rockpool Capital, China Securities International, Guotai Junan International, China Merchants Securities International, Nikko Asset Management, Credit Suisse Asset Management and CMBC Capital Holdings, and addressed in detail issues of common concern. On May 22, with the assistance of joint global coordinators ABC International and Tiansheng Securities, the issuance attracted a large number of high-quality investors, and nearly three times of over-subscription of USD 300 million overseas USD bonds with a term of 2.92 years at the coupon rate of 4.95%. This was the lowest price of USD bonds issued by a commercial city bank for credit enhancement as of May 2019.

As the Chinese legal advisor for PUCIDC, the DeHeng team, led by Mr. Hou Zhiwei, the partner of its Beijing Office, and primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Wang Zhi, provided professional, comprehensive and high-quality legal services for the issuance.