DeHeng Advised Zhejiang Changxing Jingkai Development Co., Ltd.

on Issuing USD 42 Million Bonds Overseas

2020-12-24

Zhejiang Changxing Jingkai Development Co., Ltd. (hereinafter referred to as "the Company") issued a three-year USD 42 million senior unsecured bond on December 22, 2020, with a coupon rate of 2.9% (hereinafter referred to as "the Bonds"). This is the first standby letter of credit project for urban development investment in Zhejiang Province with the standby letter of credit provided by the Hangzhou Branch of Bank of Jiangsu Co., Ltd.. Zhongtai International acted as the lead manager, and Haitong International, CNCB Investment, China Industrial Securities International, Shanghai Pudong Development Bank Hong Kong Branch, Hung Sing Securities, and Central Wealth Securities Investment Limited as co-managers.

The Company is a state-owned enterprise founded with the approval of the Changxing County People's Government, a major player in infrastructure construction in Changxing. It is responsible for urban infrastructure construction, providing supporting services and land consolidation for development etc. in Changxing Economic and Technological Development Zone.

As the domestic legal counsel, the DeHeng team led by Partner Huang Jianing and consisting of Lawyers Xu Meiqian and Yu Wei from its Hangzhou Office, provided whole-process legal services for the issuance of the Bonds. The Managing Partner Zhang Lihao and Lawyer Xu Xiaoying offered valuable help. The DeHeng team worked closely with the issuer, managers and other parties involved and provided comprehensive, professional, efficient and high-quality legal services for the client.