DeHeng Advised China Coal Energy on Issuing
the First Corporate Bond under Registration-based System on SSE
2020-03-17

On March 16, 2020, Shanghai Stock Exchange (SSE) completed the bookkeeping and offering of its first corporate bond under the registration-based system. The issuer was China Coal Energy Company Limited ("China Coal Energy"), with DeHeng acting as the legal counselor.
On March 2, 2020, the second working day after the newly-revised Securities Law was put into effect, China Coal Energy submitted an application to the SSE for public issuance of bonds to professional investors and an IPO on it. On March 10, China Securities Regulatory Commission issued the registration-approval document to China Coal Energy, making this project the first corporate bond issuance accepted and reviewed by the SSE and approved for registration by the CSRC after the registration system was adopted for public issuance of corporate bonds. This project was subject to the optimized financing regulatory review process, and took only 11 working days to go through procedures including application for acceptance, review, registration, bookkeeping and issuance.
The DeHeng team, led by partners Xu Jianjun and Yang Xinghui, with primary support from lawyers Wang Huakun and Zhong Yaqiong, worked closely with the issuer, the lead underwriter and the SSE, and provided efficient and high-quality legal services for the registration and issuance of the bonds.