DeHeng Advised Kunming Industrial Development & Investment

on Issuing USD 150 Million Bonds on HKSE


Kunming Industrial Development & Investment Co., Ltd. recently issued three-year bonds worth USD 150 million on the Stock Exchange of Hong Kong through its overseas subsidiary with a coupon rate of 5.5%. This was the first high-yield urban construction investment bond with principal rating issued overseas since the outbreak of the coronavirus pandemic. Guotai Junan Securities (Hong Kong) acted as the sole global coordinator (or the underwriter). 

Kunming Industrial Development & Investment is a wholly state-owned limited liability company founded in November 2005 with the approval of Kunming Municipal People's Government. Since then, it has developed into a major industrial investment holding company with strong composite strength, sound governance and operation and full of vitality. It has established a diversified business portfolio covering financial services, smart city construction, specialty agriculture, trade, modern logistics, industrial park construction, land development, healthcare and social services.

As the Chinese legal counsel for the underwriter, the DeHeng team, led by partner Huang Jianing and with primary support from lawyer Xu Meiqian and paralegal Yu Wei, provided whole-process legal services for this issuance. They worked closely and actively with the issuer, the underwriter, and overseas counsels, provided comprehensive, professional, efficient and high-quality legal services and won much praise from the client.  

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