DeHeng Advised Chongqing Rural Commercial Bank
on the Issuance of 2018 Special Financial Bonds
2018-12-28
In December 2018, Chongqing Rural Commercial Bank successfully issued three-year, three-billion-yuan special financial bonds for lending to micro and small enterprises, with a fixed coupon rate of 3.8% and the credit rating of AAA/AAA. The money thus raised will be lent to micro and small enterprises or provide financial services to them.
Chongqing Rural Commercial Bank, used to be Chongqing Rural Credit Cooperative, was officially inaugurated in 2008. It is the third provincial rural commercial bank in the country following the 1st and 2nd one respectively in Shanghai and Beijing, which also makes it the first one in Central and West China. In 2010, it went public on the mainboard of Hong Kong Stock Exchange, becoming the first listed mainland rural commercial bank and the first listed bank in West China. As of September 2018, it had managed six branches, 36 sub-branches, and a total of 1,775 banking outlets, initiated one financial leasing company and 12 village/township banks, hired a workforce of 16,000 and operated assets worth about 915.3 billion yuan.
Acting as the project legal advisor of the issuance, DeHeng formed a project team headed by lawyer Su Qiyun, partner of DeHeng Shenzhen, and lawyer Chen Xiaoping, partner of DeHeng Chongqing, and composed of partner Liu Jianzeng, secondary partner Chen Genhua and lawyer Meng Xianwen from Deheng Shenzhen, to provide professional, premium legal services for the client. The project team conducted due diligence, issued legal opinions, and assisted in drafting and reviewing relevant legal documents to ensure the issuance of this special financial bonds is legal and compliant.
