DeHeng Advised Kunming Industrial Development & Investment Co., Ltd. 

 on Issuing USD300 Million Bonds on HKEX

2020-02-25

In February 2020, Kunming Industrial Development & Investment Co., Ltd. successfully issued three-year bonds worth USD300 million on the Stock Exchange of Hong Kong through its overseas subsidiary with a coupon rate of 6.1% (hereinafter referred to as the issuance). This issuance was the country's first non-rated high-yield USD bond issuance for public construction investment and Southwest China's first USD bond issuance since the lunar new year holiday of 2020. Guotai Junan Securities (Hong Kong) acted as the sole global coordinator (hereinafter referred to as the underwriter) to contribute to the Covid-19 prevention and control.

Kunming Industrial Development & Investment Co., Ltd. is a wholly state-owned limited liability company founded in November 2005 with the approval of Kunming Municipal People's Government. After years of development, it has developed into a significant industrial investment holding company with muscular composite strength, sound governance and operation, and full of vitality. It has established a diversified business portfolio covering financial services, smart city construction, specialty agriculture, trade, modern logistics, industrial park construction, land development, healthcare, and social services.

As the Chinese legal counsel of the underwriter, the DeHeng team was led by partner Huang Jianing, with primary support from lawyer Xu Meiqian and paralegal Yu Wei. They worked closely and actively with the issuer, underwriter, and overseas legal team to provide comprehensive, professional, efficient, and premium legal services for the issuance.