New Issue: China’s Hengrui prices RMB 150 million 7.8% guaranteed bonds due 2027

By William Gullotti

Buffalo, N.Y., Jan. 8 – Hengrui International (BVI) Co., Ltd. sold RMB 150 million of 7.8% guaranteed bonds due 2027 at par, according to a listing notice and an offering circular on Monday.

The Regulation S bonds are guaranteed by parent company Zibo Zhangdian District State-owned Assets Operation Co., Ltd.

Haitong Bank, Macau Branch, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), China Citic Bank International, CF Securities Ltd., Far East Horizon International and Realord Asia Pacific Securities are the joint lead managers and joint bookrunners, with Haitong acting as sole global coordinator.

Proceeds will be used for project investment and supplementing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Jan. 8.

The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on May 25, 2022. The guarantor is a state-owned enterprise in China’s Zhangdian District, engaging in businesses that include engineering, real estate management, human resources services, public utilities, state-owned asset operations and trading.

Issuer:	Hengrui International (BVI) Co., Ltd.
Guarantor:	Zibo Zhangdian District State-owned Assets Operation Co., Ltd.
Amount:	RMB 150 million
Issue:	Credit enhanced guaranteed bonds
Maturity:	Jan. 5, 2027
Bookrunners:	Haitong Bank, Macau Branch, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), China Citic Bank International, CF Securities Ltd., Far East Horizon International and Realord Asia Pacific Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Morgan, Lewis & Bockius (England), Shandong Jointide (Jinan) Law Firm (China)
Counsel to underwriters:	Herbert Smith Freehills (England, Hong Kong), Grandall Law Firm (Jinan) (China), Ogier (BVI)
Coupon:	7.8%
Price:	Par
Yield:	7.8%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	Dec. 29
Issue date:	Jan. 5
Listing date:	Jan. 8
Distribution:	Regulation S
ISIN:	XS2732861104

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