DeHeng Advised Kweichow Moutai

on Issuing RMB 13 Billion of First-Installment Bonds

2020-12-04

In November 2020, Kweichow Moutai (Group) Co., Ltd. issued corporate bonds (for professional investors) (first installment of 2020) worth RMB 13 billion, with the maturity period of seven years (3+3+1), the credit rating AAA, the issuer’s principal credit rating also AAA, stable rating outlook, and the coupon rate of 3.00%.

Kweichow Moutai (Group) Co., Ltd. is a national super large state-owned enterprise, engaged in industries including liquor, health-preserving wine, wine, finance, cultural tourism, education, hotels, real estate and upstream and downstream businesses of the liquor industry. Its leading product Kweichow Moutai is ranked among "the world's three most famous (distilled) wines" with French Cognac brandy and Scotch whiskey. It is the originator and typical representative of China's Daqu Jiang-flavored liquor, a green, organic food, and a product of geographical indication. Its brewing skills are included in China's first batch of intangible cultural heritage and it is considered China’s business card for the world.

As the legal counsel, the DeHeng team was led by partner Hou Zhiwei, with primary support from partner Zhang Yan, lawyers Wen Bin, Wang Jing, Hu Xueyuan, Wang Yujia, Xianyu Jiashan, Sun Yuehao and Jiang Yue. They worked closely and actively with the issuer, underwriter and rating agency and provided professional, comprehensive and efficient legal services for the bond issuance.