DeHeng Assisted Guangzhou Tianhe Investment Group Co., Ltd. in First Private Placement of Corporate Bonds

2025-10-27

In September 2025, Guangzhou Tianhe Investment Group Co., Ltd. obtained the No-objection Letter Confirming Compliance with Shenzhen Stock Exchange Listing Conditions for the Private Placement of Corporate Bonds by Guangzhou Tianhe Investment Group Co., Ltd. (Shen Zheng Han [2025] No. 864) from the Shenzhen Stock Exchange. It was approved to privately issue corporate bonds with a total face value not exceeding RMB 1 billion to professional investors, which marked the first bond issuance approval for a state-owned enterprise in Tianhe District. On October 24, 2025, Tianhe Investment Group successfully issued the 2025 Corporate Bonds (First Tranche) to professional investors via private placement. The issuance size was RMB 500 million, with a coupon rate of 1.9%, setting a new record low for the coupon rate of a AAA-rated issuer with the same maturity (3+2 years) in China’s private-placement corporate-bond market over the past three years.

CITIC Securities Co., Ltd. served as the exclusive lead underwriter, bookrunner, and trustee manager; DeHeng served as the legal counsel; CSCI Pengyuan as the rating agency; and China Audit Asia Pacific Certified Public Accountants LLP as the auditor. The project team formed by these intermediary institutions provided end-to-end professional services to the issuer.

The DeHeng team, led by partner Ye Jiateng and with primary support from lawyers Lan Tingyu, Xu Chunchun, Chen Yawen, and trainee lawyer Zhu Yuanyu from its Guangzhou Office, worked closely with the issuer and other intermediary parties, and delivered professional, comprehensive, and high-quality legal services for this private placement of corporate bonds.