Dacheng senior partners Li Yingying and Wang Hanqi from the Shanghai branch provided legal services to Far East Horizon Ltd as lawyers on the Chinese side. Far East Horizon Ltd (the highest-market-value listed company in the Sinochem Group) has now successfully issued RMB125m worth of bonds in Hong Kong with a maturity of 3 years and at an interest rate of 3.9%.
Such off-shore Hong Kong Renminbi bonds are also known as “dim sum bonds”. Hong Kong Renminbi bonds are not only a new channel for bond financing, they are also a new attempt to establish Hong Kong as an off-shore Renminbi financial center, and the latest advance in Renminbi’s internationalization. This most recent successful issuing of dim sum bonds by Far East Horizon Ltd makes it one of only a handful of China-invested enterprises that have issued dim sum bonds, and shows that Dacheng’s capital markets legal service occupies a cutting-edge position within the industry.
The present legal project, conducted entirely in English, involved such cutting-edge areas of law as Renminbi capital import and export, Renminbi foreign debt registration, Hong Kong underwriting and Chinese tax collection of institutional investors.
The team from the Dacheng Shanghai branch that worked on this project includes lawyers Wang Hanqi, Li Yingying, Fan Jianhong, Zhang Shiy, Liu Wen, Jie Xiaowei and Li Zhuoran.
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