Ince & Co acted for Chengdu Xingjin Construction Development and Investment Group Co., Ltd. on its successful issuance of CNY$2.205 billion (equivalent to US$300 million) unsecured offshore bonds and listing on the MOX in Macau.

Ince & Co acted for Chengdu Xingjin Construction Development and Investment Group Co., Ltd. (the “Issuer”) on its successful issuance of CNY$2.205 billion 4.2% unsecured offshore bonds (the “Bonds”). The Bonds were listed on ChongWa (Macao) Financial Asset Exchange CO., Ltd. (MOX) on 24 June 2024, with the rating of BBBg+, interest rate of 4.2% and to be due in 2027.

The Issuer and its subsidiaries are major infrastructure construction platform within Jinjiang District of Chengdu and wholly owned by the State-owned Assets Supervision and Administration Commission of Chengdu City Jinjiang District Government (成都市锦江区国有资产监督管理局). The group’s major business includes infrastructure and land development, property sales and property leasing in the district. The bonds set records for “the lowest coupon rate for an offshore Renminbi bond issuance in the central and western regions (中西部地区离岸人民币债信用发行票面利率最低纪录)”, “the largest offshore Renminbi bond issuance in China since the beginning of the year (年初以来全国全口径离岸人民币债信用发行规模最大纪录)” and “the largest offshore Renminbi bond issuance by a county-level enterprise in China in the history (全国区县级企业离岸人民币债信用发行历史规模最大纪录)”.

We acted as the international lawyers of the Issuer in the issuance of the Bonds and assisted the Issuer in drafting the Offering Circular, applying for listing approval from ChongWa (Macao) Financial Asset Exchange CO., Ltd. and assisting the Issuer in reviewing other issuance and transaction documents. We successfully assisted the Issuer in the issuance and listing of the Bonds within the scheduled timeline.

The bond issuance project involved many parties. Wilson Securities Limited, CLSA Limited, Essence International Securities (Hong Kong) Limited, Guolian Securities International Capital Co., Limited, Hua Xia Bank Co., Limited Hong Kong Branch, Guosen Securities (HK) Capital Company Limited, BOSC International Securities Limited and CEB International Capital Corporation Limited acted as the joint global coordinators, the joint lead managers and joint bookrunners. China Galaxy International Securities (Hong Kong) Co., Limited, Industrial Bank Co., Ltd. Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited, China CITIC Bank International Limited, CNCB (Hong Kong) Capital Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Donghai International Securities (Hong Kong) Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, SPDB International Capital Limited and Shenwan Hongyuan Securities (H.K.) Limited acted as the joint lead managers and joint bookrunners.

Our team was led by our Managing Partner Mr. Eric Lui, supported by team members including Managing Associate Mr. Kevin Woo, Consultant Ms. Crystal Wan, Associate Ms. Selina Wu and Trainee Solicitor Mr. Raymond Wong.

1080 1560 Ince & Co
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