DeHeng Assisted Yangzhou Economic and Technological Development Zone in Issuing the First USD 300 Million Transition Bond by a Chinese SOE

2025-03-27

Recently, DeHeng Law Offices (Hangzhou) assisted Yangzhou Economic and Technological Development Zone Development (Group) Co., Ltd. in issuing USD 300 million in three-year senior unsecured transition bonds on the Hong Kong Stock Exchange, with the lowest issuance interest rate for bonds of the same rating issued recently. 

This bond, certified by the third-party assessment and certification institution CCXGF, is the first transition bond issued by a Chinese state-owned enterprise (SOE). The funds raised will be used to refinance the company’s existing medium- and long-term debts in accordance with the transition financing framework. 

DeHeng Law Offices (Hangzhou) served as the domestic legal advisor for the underwriters and formed a project team led by lawyer Huang Jiating, with primary support from lawyer Chen Xingwen and paralegal Yuan Liujin. The team worked closely with the issuer, underwriters, and overseas lawyers and provided comprehensive, professional, efficient, and high-quality legal services for this issuance.