DeHeng Assisted Guangzhou Metro Group in Updating Its USD 3 Billion Offshore MTN Program and Issuing Two Offshore RMB Bonds Totaling RMB 3.5 Billion

2025-08-28

In August 2025, Guangzhou Metro Group Co., Ltd. successfully updated its USD 3 billion offshore medium-term note (MTN) program and issued two offshore RMB bonds under the program, with a total issuance amount of RMB 3.5 billion. The bonds included a three-year tranche of RMB 2.7 billion and a five-year tranche of RMB 800 million, with a coupon rate of 2.15% and 2.25%, respectively. Both bonds were issued by Guangzhou Metro Investment Finance (BVI) Limited, a wholly-owned subsidiary of Guangzhou Metro Group, guaranteed by Guangzhou Metro Investment Finance (Hong Kong) Limited, and supported by Guangzhou Metro Group under a keepwell deed.

As the PRC legal counsel for the issuer, the DeHeng team, with primary support from Hou Zhiwei, Zhang Yan, Yang Youqi, and Wang Yihui, assisted Guangzhou Metro Group in completing the issuance.