On December 10, 2018, Huzhou Communications Investment Group Co., Ltd. (HCIG) successfully issued RMB 500 million, Fitch Rating BBB-, three-year offshore RMB bonds (dim sum bonds) with an interest rate of 5.90%. Dentons Shanghai acted as the Chinese legal counsel for the underwriter in this issuance.

HCIG is a wholly state-owned enterprise of the State-owned Assets Supervision and Administration Commission of Huzhou People's Government. It is mainly engaged in the investment, development, construction, maintenance, operation and management of transportation infrastructure; design, supervision and construction of traffic engineering works.

Guosen Securities (Hong Kong), ABC International and CCB International served as the joint global coordinators, joint lead managers and joint bookkeepers. The bonds was also listed on the Hong Kong Stock Exchange. The successful issuance will help HCIG to optimize its capital structure, enhance comprehensive financing capabilities and improve corporate operations. It also marks the first offshore RMB bonds issued on the Hong Kong Stock Exchange by a prefecture-level city in China, thus having a great demonstrable significance.

A Dentons Shanghai team led by senior partner Fan Xingcheng, assisted by associates Lin Chen and Gao Jiapeng, and paralegal Liu Yang, provided a full scope legal assistance for the underwriter on this issuance. Their work mainly included carrying out legal due diligence on HCIG and its major affiliates and subsidiaries, assisting in communication with foreign exchange authorities, reviewing overseas prospectus and transaction documents, and issuing an attorney's legal opinion under Chinese law.