DeHeng Assisted Poly Developments & Holdings in Issuing RMB 8.5 Billion Convertible Corporate Bonds to Specific Objects

2025-05-29

Recently, Poly Developments & Holdings Group Co., Ltd. (stock abbreviation: “Poly Developments,” stock code: 600048) completed the issuance of convertible corporate bonds to specific objects, which will be listed on the Shanghai Stock Exchange to raise RMB 8.5 billion, with the first-year coupon rate set at 2.20%, achieving the lower limit of the interest rate bidding range. This non-public offering of convertible corporate bonds by Poly Developments & Holdings is the first registered and issued cash-type of its kind in the capital market. It is also the largest cash-type refinancing project in the real estate industry since the release of the “New Five Measures” to support financing in the real estate industry in 2022 and the largest cash-type refinancing project for A-share listed companies so far this year.

As the issuer’s lawyer for this project, the DeHeng team, led by partners Zhu Min and Wu Lianhua, with Rong Qiuli and Cui Manchang as the lead lawyers, and with primary support from lawyers Tian Yuan and Sun Meng, provided comprehensive, professional, efficient, and high-quality legal services for this issuance.