AIWAYS Auto Co., Ltd. ( "AIWAYS" ) completed its RMB 1 billion "B" round financing in May 2019. The investor was Shangrao Mingchi New Energy Innovation Investment Center ( "Mingchi Fund" ), a special fund set up by Jiangxi Provincial Development and Upgrading Guidance Fund to invest in AIWAYS. DeHeng has provided long-term legal services for AIWAYS' financing needs, including its Pre-A round financing, "A" round financing and this "B" round financing.

On May 22, with Sino Life Asset Management Co., Ltd. as the trustee, the "Sino Life Asset - Shijiazhuang Rail Transit" infrastructure debt investment scheme obtained the notice of infrastructure registration after being reviewed by China Insurance Asset Management Association.

In April 2019, Risesun Real Estate Development Co., Ltd. (hereinafter referred to as "Risesun Development") issued $325 million of senior unsecured fixed-rate bonds through its overseas indirect wholly-owned subsidiary RongXinDa Development (BVI) Limited, with a term of 3 years and a coupon rate of 8.00%. The bonds issued this time were listed on the Singapore Exchange under the symbol XS1979285571. Risesun Development provided unconditional and irrevocable cross-border joint and several liability guarantee for bond principal and interest.

In April 2019, Yichang High-tech Investment Development Co., Ltd. (the "Yichang High-tech Investment Development") successfully issued US dollar bonds worth 150 million US dollars with a maturity term of three years, a coupon rate of 7.50%, and a Fitch rating of BB+. This issuance followed the company's successful issuance of overseas US dollar bonds in 2018.

In April 2019, Kunming Iron and Steel Holding Co., Ltd. (the "Kunming Iron and Steel Holding") successfully issued US dollar bonds worth 200 million US dollars at a coupon rate of 7.375% and with a maturity term of three years. This issuance followed the company's successful issuance of overseas US dollar bonds in 2018.

On April 24, 2019, Yunnan Baiyao Group Co., Ltd (hereinafter Yunnan Baiyao) received the "Letter of Approval on Yunnan Baiyao Group Co., Ltd.’s Merger by Absorption of Yunnan Baiyao Holdings Co., Ltd." (ZJXK [2019] No. 770) issued by the China Securities Regulatory Commission, which approved Yunnan Baiyao's merger with Yunnan Baiyao Holdings Co., Ltd. (hereinafter Baiyao Holdings) through share issuance. This is an important milestone for the much-anticipated mixed-ownership reform of a state-owned large-scale enterprise and its consolidated listing on the A share market. The transaction amount of this merger exceeded RMB 50 billion. DeHeng continues to provide full legal services for the merger project after providing legal services for mixed ownership reform program of Baiyao Holdings.