DeHeng Law Offices (Wuxi)

DeHeng Advised Wuxi Industry Development Group Co., Ltd.

on Issuance of Overseas US Dollar Bonds



In December 2018, Wuxi Industry Development Group Co., Ltd. successfully issued US dollar bonds in Hong Kong through establishment of overseas SPV subsidiary and provision of guarantee for it. The project was successfully delivered on December 19, 2018. In this issuance of US dollar bonds, BOCOM International Holdings Company Limited acted as the global coordinator, CITIC CLSA and CITIC Bank (International) acted as joint lead underwriters, HSBC and CMBC Hong Kong Branch acted as joint bookrunners. The scale of this bonds issuance is 300 million US dollars, with a coupon rate of 5.3%, and the bonds mature in 2021.

Wuxi Industry Development Group Co., Ltd. is a large-scale comprehensive state-owned enterprise group invested and established by the Wuxi Municipal People's Government in April 2008. With a registered capital of RMB 4.72 billion , the company has 31 wholly-owned holding enterprises and has 25 shareholding companies, of which there are two listed companies: Weifu Hi-Tech (000581.SZ) and Taiji Industrial (600667.SH). At the end of 2017, the company's total assets reached RMB 55.813 billion and its net assets stood at RMB 24.856 billion. It has ranked among the "Top 500 Enterprises of China" for 9 consecutive years. In 2017, it ranked 232th among the "Top 500 Enterprises of China", and 101st among the "Top 500 Manufacturing Enterprises of China". With the mission of "leading Industry Development in Wuxi", Wuxi Industry Development Group explores and builds the development mode of "main business + fund + investment bank", and endeavors to build a modern industrial system with emerging industries as the forerunner and advanced manufacturing industries and modern service industries as the main part. The business areas mainly focus on six major sectors of high-end equipment manufacturing, microelectronics, new energy, new materials, environmental protection and modern services.

As the Chinese legal counsel for the underwriter in this project, DeHeng formed a project team mainly composed of partners Wang Jianming and Luo Zuzhi in the Wuxi office; and partner Wang Yuwei, non-equity partner Zhu Liang and lawyer Yang Yong in the Shanghai office. The project team provided professional, comprehensive and high-quality legal services for the issuance of overseas US dollar bonds.

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