DeHeng (Hong Kong) advised Changxing Cultural Tourism Development Group Co., Ltd. (长兴文化旅游发展集团有限公司) on its issuance of CNY1.17 billion listed FTZ bonds with the benefit of an irrevocable Standby Letter of Credit issued by Bank of Shanghai Co., Ltd Hangzhou Branch

2023-03-24

DeHeng Law Offices (Hong Kong) LLP advised Changxing Cultural Tourism Development Group Co., Ltd. (长兴文化旅游发展集团有限公司) (the “Issuer”, together with its subsidiaries, the “Group”) on its issuance of CNY1,170,000,000 3.80% credit enhanced bonds due 2026 in Shanghai Free-Trade Zone supported by an irrevocable standby letter of credit provided by Bank of Shanghai Co., Ltd Hangzhou Branch and listed on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (the “MOX”).

Since its establishment in 2008, the Group has been serving as the core operating entity carrying out municipal development activities and organizing cultural and sports activities and competitions in Changxing County, Huzhou City. The Group’s businesses include infrastructure construction, cultural tourism, merchandising, entertainment, event management, cinemas, hotels, trading, other principal businesses and other ancillary businesses. Leveraging on the development of Huzhou City and Changxing County, strong shareholder’s support and the experienced management team of the Group, the Group has undertaken and completed a large number of municipal developments projects and played an important role in the development of Changxing County.

Listing of the bonds on the MOX (Stock code: MOXLB2346) commenced on 24 March 2023.

Lily Liang, the partner of DeHeng Law Offices (Hong Kong) LLP, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Evelyn Fan, Fairy Wang, Dexter Yeung, Lilian Kwong, Jeff Wang, Andy Kwok, Sherry Zhang, Neil Wang and Liz Tang.