DeHeng Advised Guangdong Rising Holdings Group Co., Ltd. on Private Placement of Exchangeable Corporate Bond

2023-04-20

On April 3, 2023, Guangdong Rising Holdings Group Co., Ltd. obtained the "Letter of No Objection on the Listing and Transfer of Private Placement of Exchangeable Corporate Bond of Guangdong Rising Holdings Group Co., Ltd." (SSE Letter [2023] No. 1008) from Shanghai Stock Exchange, and was approved to issue exchangeable corporate bond with a total amount of not more than RMB 2 billion to professional investors, which was successfully issued on April 18, 2023. The bond holders can exchange the bond for Rising Holdings' equity in China Telecom (601728. SH), and CITIC Securities Co., Ltd. and China International Capital Corporation Limited act as the main underwriters. This is the first successful issuance of the exchangeable bond by a state-owned enterprise directly under the State-owned Assets Supervision and Administration Commission of Guangdong Province.

As the legal counsel for the offering, the DeHeng team, led by managing partner Zhu Li and business partner Ye Jiateng of Guangzhou Office, with primary support of lawyers Wu Cuiqing and Yan Jingzi, and trainee lawyer Chen Siting, worked closely with the issuer and other intermediaries, and provided professional, comprehensive and high-quality legal services for the non-public offering.