New Issue: China’s Wenzhou Mingcheng prices RMB 2 billion 4.2% bonds due 2026

By William Gullotti

Buffalo, N.Y., Jan. 18 – Wenzhou Mingcheng Construction and Investment Group Co., Ltd. priced RMB 2 billion of 4.2% three-year bonds at par, according to a listing notice and an offering circular on Wednesday.

BOC International, Haitong International, Shanghai Securities HK, ABC International, China International Capital Corp., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Zheshang International Financial Holdings Co., Ltd., China Industrial Securities International and Huatai International are the joint lead managers and joint bookrunners, with each also acting as joint global coordinators except for Hua Xia, Zheshang, China Industrial and Huatai.

Proceeds from the Regulation S offering will be used for project construction and to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Jan. 18.

A wholly owned subsidiary of Wenzhou CCD Group, which is the largest investment company in Wenzhou City of China’s Zhejiang Province, the issuer is focused on real estate development and property leasing.

Issuer:	Wenzhou Mingcheng Construction and Investment Group Co., Ltd.
Amount:	RMB 2 billion
Issue:	Bonds
Maturity:	Jan. 17, 2026
Bookrunners:	BOC International, Haitong International, Shanghai Securities HK, ABC International, China International Capital Corp., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Zheshang International Financial Holdings Co., Ltd., China Industrial Securities International and Huatai International
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
Counsel to issuer:	Fangda Partners (England), AllBright Law Offices (China)
Counsel to underwriters:	Linklaters (England), Jingtian & Gongcheng (China)
Coupon:	4.2%
Price:	Par
Yield:	4.2%
Call:	For taxation reasons at par plus interest
Put:	At 101 plus interest
Pricing date:	Jan. 12
Issue date:	Jan. 17
Listing date:	Jan. 18
Distribution:	Regulation S

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