Achievements | Zhonglun W&D Assists Issuance of Xinjin District’s First Offshore RMB Bond in Free Trade Zones

On May 19, 2023, Chengdu Xinjin City Industry Development Group Company Ltd. successfully listed and traded its RMB 707 million SBLC free trade bond on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX). The bond has a term of 3 years with a coupon rate of 3.80%.

This bond marks the first offshore RMB bond within free trade zones issued in Chengdu’s Xinjin District, while also setting a record for the lowest coupon rate on a SBLC free trade bond in Western China. 

Established on October 20, 2005, with a registered capital of RMB 3 billion, Chengdu Xinjin City Industry Development Group Company Ltd. focuses on serving the core area of Tianfu Mushan Digital New Town and Tianfu Smart Manufacturing Industrial Park. The group holds a domestic credit rating of AA+ and an international credit rating of BBB-. It oversees 20 wholly-owned companies, 6 holding companies, 19 equity-invested companies, and 4 AA-rated entities. The group is advancing under a “1+4+N” development model: strengthening the core group, solidifying four major business segments (development and property, construction management, asset operation, and financial investment), and refining multiple specialized companies such as Green Countryside Planning & Design company, Digital Technology Group, and the Public Transport Company. Centered on strategic enhancement and industrial ecosystem development, the group is steadily achieving transformation and upgrading through comprehensive district development, public welfare projects, industrial carrier operations, and financial investment services, striving to become a RMB 100 billion state-owned enterprise and a leading comprehensive service provider in industry-city integration and industry-finance synergy.

The Chengdu Office of Zhonglun W&D Law Firm served as the Chinese legal counsel to the underwriters in this transaction, providing comprehensive support in conducting Chinese legal due diligence, issuing an English version of the Chinese legal opinion, reviewing transaction and issuance documents, and advising on the latest requirements for the review and registration of medium and long-term foreign debt and issues related to free trade zone bond issuance. The transaction was led by Attorneys Jingping Wang, Mengjing Xu, and Ce Hu.

Jingping Wang is a senior lawyer at the Chengdu Office, admitted to practice in both China and New York, USA. In 2021, he was recognized as a “Leading Talent in Foreign-related Legal Services in Chengdu.” His practice focuses on investment and M&A, capital markets, dispute resolution, compliance, and corporate governance.

Mengjing Xu is a practicing lawyer at the Chengdu Office. Her practice mainly focuses on dispute resolution—including both domestic and cross-border civil and commercial litigation and arbitration—as well as mergers & acquisitions and bond issuance.

Ce Hu, a Partner at the Chengdu office, specializes in corporate compliance, risk management, investment and M&A, and dispute resolution. His practice focuses on the financial, real estate, construction engineering, and corporate & commercial dispute resolution.