DeHeng Advised Huangshan Tourism Group

on Issuing EUR 230 Million Bonds

2020-09-07

In August 2020, Huangshan Tourism Group issued EUR 230 million bonds overseas with a coupon rate of 0.9%, for which the Bank of China Anhui Branch provided standby letter of credit. The underwriters included the Bank of China, ABC International, CNCB (Hong Kong) Capital, Bank of Communications, BOSC International, China Construction Bank (Asia), China Everbright Bank Hong Kong Branch, Minsheng Bank Hong Kong Branch, Ping An Securities (Hong Kong), Guotai Junan Securities (Hong Kong), Guosen Securities (Hong Kong), Guoyuan Capital, Haitong Bank, Industrial and Commercial Bank of China (Asia), and Shanghai Pudong Development Bank Hong Kong Branch.

Huangshan Tourism Group was established in June 1999 and began its physical operations in 2005. It is a wholly state-owned company authorized by the Anhui Provincial People's Government to manage state-owned assets of Huangshan Scenic Area. It is ranked among the top 100 enterprises in Anhui Province and China's top 20 tourism enterprises. It manages the tourism market in Huangshan Scenic Area and plays an important role in the industry chain.

As the Chinese legal counsel for the underwriters, the DeHeng team, led by partner Hou Zhiwei, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao, Jiang Yue from the Beijing Office and lawyers Li Xiaoxin, Wu Tongmeizi and Zhang Lei from the Hefei Office, provided professional, comprehensive and high-quality legal services for the issuance.