RECENT NEWS | DEHENG HONG KONG

19 Nov 2024

Advised Huaibei GreenGold Industry Investment Co., Ltd.* (淮北綠金產業投資股份有限公司) on deemed disposal of equity interest in its subsidiary

DeHeng Hong Kong advised Huaibei GreenGold Industry Investment Co., Ltd.* (淮北綠金產業投資股份有限公司) (“Huaibei GreenGold”) on the capital injection and deemed disposal of equity interest in Huaibei Tongming Mining Co., Ltd.* (淮北通鳴礦業有限公司) (“Huaibei Tongming”), a subsidiary of Huaibei GreenGold, at a consideration of approximately RMB84 million (the “Capital Injection”). The principal business of Huaibei Tongming is mining and processing of aggregate products.

The Capital Injection constituted a major transaction under Chapter 14 and a connected transaction under Chapter 14A of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”). The Capital Injection was exempted from independent shareholders’ approval pursuant to Rule 14A.101 of the Listing Rules and was approved by way of a written shareholders’ approval in lieu of holding a general meeting pursuant to Rule 14.44 of the Listing Rules.

Huaibei GreenGold is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 2450). Huaibei GreenGold is a construction materials provider with state-owned background located in Huaibei City, Anhui Province and one of the four largest construction aggregate producers in Huaibei City and its surrounding cities (including Suzhou City and Bozhou City) in 2023.

The deal is led by lead partners Ernest Chung and Stephen Kei of DeHeng Hong Kong, and supported by the team members including Phoebe Lo and Daniel Ting. DeHeng Hong Kong maintained a close connection with Huaibei GreenGold and other professional parties in this deal and provided professional, comprehensive and efficient legal services for this deal.

Oct 11, 2022

Advised Zhenjiang Cultural Tourism Industry Group Co., Ltd. on issuance of bonds

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised the managers on Zhenjiang Cultural Tourism Industry Group Co., Ltd. (镇江文化旅游产业集团有限责任公司) (the “Issuer”) on its issuance of USD57,500,000 5.2% credit enhanced bonds due 2025 with the benefit of an irrevocable Standby Letter of Credit issued by Bank of Nanjing, Zhenjiang Branch, and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

The Issuer is one of the major investment, financing and infrastructure construction state-owned entities in Zhenjiang. It is a state-owned enterprise wholly owned by and under the direct management and supervision of Zhenjiang SASAC. Since its establishment in December 1992, the Issuer has played an important role in implementing Zhenjiang Government’s blueprint for urban planning and municipal construction in Zhenjiang and has received strong financial and operational support from Zhenjiang Government.

Listing of the bonds on the Hong Kong Stock Exchange (Stock code: 5506) commenced on 9 September 2022.

The partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang and Vince Chan.

Oct 11, 2022

Advised Yi Hong International Development Co., Ltd. on its issuance of listed bonds

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised the managers and the trustee on Yi Hong International Development Co., Ltd (壹弘国际发展有限公司) (the “Issuer”) on its issuance of EUR80,000,000 4.25% guaranteed bonds due 2025 unconditionally and irrevocably guaranteed by Ningbo Nanbin Group Co., Ltd (宁波南滨集团有限公司) (the “Guarantor”, collectively with its subsidiaries and the Issuer, the “Group”), and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

Established in 2003 and designated to carry out land development and land consolidation in Chengguan Zhen (城關鎮) of Ninghai, the Group has since established itself as a leading primary state-owned infrastructure construction company in Ningbo Southern Binhai Economic Development Zone and plays an important role in the urbanisation and development of Ningbo Southern Binhai Economic Development Zone.

Listing of the bonds on the Hong Kong Stock Exchange (Stock code: 5459) commenced on 31 August 2022.

The partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Liz Tang, Vince Chan, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang and Sherry Zhang.

Oct 11, 2022

Advised Yangzhou Jiangdu Yanjiang Development Co., Ltd. for an issuance of bonds.

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Yangzhou Jiangdu Yanjiang Development Co., Ltd. (扬州市江都沿江开发有限公司) (the “Guarantor”, together with its subsidiaries, the “Group”) on the issuance of US$40,000,000 5.20% credit enhanced guaranteed bonds due 2023 issued by Hong Kong Yanjiang International Industrial Co., Limited (the “Issuer”) supported by an irrevocable standby letter of credit provided by China Bohai Bank Co., Ltd. Suzhou Branch.

Established in May 2003, the Guarantor is a state-owned enterprise located in Yangzhou City, Jiangsu Province, China, wholly owned by the State-owned Assets Supervision and Administration Office of the People’s Government of Jiangdu District, Yangzhou City. The Group has long been the core operating entity responsible for land development, infrastructure construction, and resettlement housing in Jiangdu District, Yangzhou City. Relying on the development of Yangzhou City, strong shareholder support, and diversified group business, the Group has undertaken and completed a large number of urban development projects in Yangzhou City, playing an important role in the development and construction of Yangzhou City.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 29 July 2022 (Stock code: 5389).

The Partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang and Vince Chan.