DeHeng Assisted CRCC in Issuing RMB 4 Billion Offshore Green Bonds

2025-12-12

Recently, China Railway Construction Corporation Limited (“CRCC”) successfully issued a total of RMB 4 billion in 5-year and 10-year offshore renminbi green bonds (dim sum bonds) through its offshore subsidiary CRCC Huayuan Limited. This marks CRCC’s first offshore green bond issuance. Its success reflects CRCC’s recognition in the international capital market and signifies a new milestone in CRCC’s green finance strategy.

The bonds were rated A3 by Moody’s, with a Sustainability Quality Score of SQS2 (Very Good). The coupon rates were 2.18% for the 5-year tranche and 2.60% for the 10-year tranche. As PRC legal counsel to the issuer for this issuance, the DeHeng team, led by partner Li Zhihong of the Beijing Office and partner Wang Yuwei of the Shanghai Office, with partner Wang Junzhe as lead partner and Yan Yanpeng as lead lawyer—both from the Shanghai Office—provided professional, high-quality, and efficient legal services for the offshore bond issuance.