New Issue: China’s ZhongChuang sells RMB 220 million 4.4% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., March 20 – ZhongChuang (HK) Technology Co. Ltd. sold RMB 220 million of 4.4% credit enhanced bonds due 2027, according to a listing notice and an offering circular on Wednesday.

The par-priced bonds come with the benefit of a keepwell deed provided by parent company Zhejiang Qiantang River Investment Development Co., Ltd. and will also have the benefit of an irrevocable standby letter of credit provided by Bank of Shaoxing Co., Ltd.

Dingxin (Securities) Ltd., Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), Zheshang International, China Galaxy International, CMBC Capital, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch, Shun Heng Securities, Zhongtai International, Guoyuan Securities (Hong Kong) and China Industrial Securities International are the joint lead managers and joint bookrunners for the offering, with Dinxin, Soochow, Shenwan Hongyuan and Zheshang also acting as joint global coordinators.

Proceeds will be used for project construction and replenishing working capital.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 20.

Zhejiang Qiantang River Investment Development is a state-owned infrastructure construction and land development entity based in the Haining economic development district of Zhejiang province, China.

Issuer:	ZhongChuang (HK) Technology Co. Ltd.
Keepwell:	Zhejiang Qiantang River Investment Development Co., Ltd.
LoC bank:	Bank of Shaoxing Co., Ltd.
Amount:	RMB 220 million
Issue:	Credit enhanced bonds
Maturity:	March 19, 2027
Bookrunners:	Dingxin (Securities) Ltd., Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), Zheshang International, China Galaxy International, CMBC Capital, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch, Shun Heng Securities, Zhongtai International, Guoyuan Securities (Hong Kong) and China Industrial Securities International
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Zhejiang Huliang Law Firm (China)
Counsel to underwriters:	Linklaters (England), DeHeng Law Offices (China)
Coupon:	4.4%
Price:	Par
Yield:	4.4%
Call:	At par plus interest for tax reasons
Change of control:	At 101 plus interest
Pricing date:	March 12
Issue date:	March 19
Listing date:	March 20
Distribution:	Regulation S
ISIN:	HK0000987344

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