New Issue: Shaoxing Shangyu Hangzhou Bay sells RMB 1.03 billion 4½% notes due 2026 at par

By William Gullotti

Buffalo, N.Y., March 27 – China’s Shaoxing Shangyu Hangzhou Bay Economic Development Zone Holding Group Co., Ltd. priced RMB 1,025,000,000 of 4½% notes due 2026 at par, according to a listing notice and an offering circular on Monday.

China International Capital Corp., China Securities International, Bocom International, China Galaxy International, Guolian Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with China International and China Securities also acting as joint global coordinators.

Proceeds will be used for project construction as working capital.

Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective March 27.

Located within Shaoxing, China, the government-related entity is involved in land development, urban infrastructure and resettlement housing construction, commodity sales and other property services.

Issuer:	Shaoxing Shangyu Hangzhou Bay Economic Development Zone Holding Group Co., Ltd.
Amount:	RMB 1,025,000,000
Issue:	Notes
Maturity:	March 24, 2026
Bookrunners:	China International Capital Corp., China Securities International, Bocom International, China Galaxy International, Guolian Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent, registrar and transfer agent)
Counsel to issuer:	Jun He Law Offices (England, Hong Kong), Beijing De Heng Law Office (China)
Counsel to underwriters:	Latham & Watkins (England, Hong Kong), Long An Law Firm (China)
Coupon:	4½%
Price:	Par
Yield:	4½%
Call:	For taxation reasons at par plus interest
Change-of-control put:	At 101 plus interest
Pricing date:	March 21
Issue date:	March 24
Listing date:	March 27
Distribution:	Regulation S

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