DeHeng Advised Qingtian County State-owned Assets Holding Group on the RMB 500 Million FTZ Bond Issuance

2023-07-05

In June 2023, Qingtian County State-owned Assets Holding Group Co., Ltd. issued a 3-year RMB Shanghai Free Trade Zone offshore bond at ChongWa (Macao) Financial Asset Exchange Co., Ltd., with a size of RMB 500 million and a coupon rate of 4.60%. This was the first pure-credit “pearl bond” issued by the “26 mountainous counties” of Zhejiang Province, and set a record for the lowest coupon rate of pure-credit issuance of “pearl bonds” issued by county-level AA-rated entities in China.

As the PRC legal counsel for the underwriters, the DeHeng team, with primary support from Hou Zhiwei, Zhang Yan, Huang Junfu, Li Wentao, Jin Songjin and Wang Zian, assisted the issuer in completing the offering.