New Issue: China’s Kaifeng Cultural Tourism prices RMB 590 million 8½% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Feb. 6 – Kaifeng Cultural Tourism Investment Group Co., Ltd. sold RMB 590 million of 8½% bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.

The placing agents for the Regulation S bonds are JA Securities, China Galaxy International, TF International, Guotai Junan International, ABC International, Bowlea Securities, China Citic Bank International, China Credit International Securities, Dongxing Securities (Hong Kong), Fortune Origin Securities Ltd., Haitong International, Orient Securities Ltd., Shenwan Hongyuan (H.K.), Tung Yat Securities Ltd. and Zhongtai International.

Proceeds will be used for the construction of the 960 Non-Heritage Cultural and Creative Park Project and the Surrounding City Wall Exhibition and Utilisation Project, as well as for replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 6.

The issuer mainly operates in China’s Kaifeng City and is the only authorized state-owned enterprise for the integration, development, construction and operation of cultural and tourism resources. Its other businesses include state-owned asset operation, infrastructure investment, financing and construction.

Issuer:	Kaifeng Cultural Tourism Investment Group Co., Ltd.
Amount:	RMB 590 million
Issue:	Bonds
Maturity:	Feb. 5, 2026
Placing agents:	JA Securities, China Galaxy International, TF International, Guotai Junan International, ABC International, Bowlea Securities, China Citic Bank International, China Credit International Securities, Dongxing Securities (Hong Kong), Fortune Origin Securities Ltd., Haitong International, Orient Securities Ltd., Shenwan Hongyuan (H.K.), Tung Yat Securities Ltd. and Zhongtai International
Trustee:	China Citic Bank International Ltd.
Counsel to issuer:	Tian Yuan Law Firm LLP (England)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jincheng Tongda & Neal Law Firm (Shenzhen) (China)
Coupon:	8½%
Price:	Par
Yield:	8½%
Call:	For taxation reasons at par
Puts:	At 101 for a change of control; at par for a no registration event
Pricing date:	Jan. 31
Issue date:	Feb. 5
Listing date:	Feb. 6
Distribution:	Regulation S
ISIN:	XS2753797278

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