New Issue: Zhoucheng Limin Construction prices RMB 304 million 8% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., March 15 – China’s Zoucheng Limin Construction Development Group Co., Ltd. sold RMB 304 million of 8% bonds due 2026 at par, according to a listing notice and an offering circular on Friday.

JQ Securities, Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Golden Continent Securities Co., Ltd., Zheshang International, Huijin Securities International Ltd., Guoyuan Securities (Hong Kong), First Fidelity Capital (International) Ltd., Haitong International, China Galaxy International, Shanggu Asset Management (Asia) Ltd., Tung Yat Securities Ltd., Conrad Investment and Huaan Securities (Hong Kong) are the joint lead managers and joint bookrunners for the offering, with JQ, Shenwan Hongyuan, Yuan Tong, Golden Continent, Zheshang, Huijin, Guoyuan and First Fidelity 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 15.

The issuer is primarily owned by the Zoucheng Finance Bureau and involved in infrastructure construction, real estate sales, construction, property services, landscaping and other ancillary businesses.

Issuer:	Zoucheng Limin Construction Development Group Co., Ltd.
Amount:	RMB 304 million
Issue:	Bonds
Maturity:	Sept. 14, 2026
Bookrunners:	JQ Securities, Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Golden Continent Securities Co., Ltd., Zheshang International, Huijin Securities International Ltd., Guoyuan Securities (Hong Kong), First Fidelity Capital (International) Ltd., Haitong International, China Galaxy International, Shanggu Asset Management (Asia) Ltd., Tung Yat Securities Ltd., Conrad Investment and Huaan Securities (Hong Kong)
Trustee:	China Citic Bank International Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Hylands Law Firm (China)
Coupon:	8%
Price:	Par
Yield:	8%
Call option:	For taxation reasons at par
Puts:	At 101 for a change of control; at par for a no registration event
Pricing date:	March 7
Issue date:	March 14
Listing date:	March 15
Distribution:	Regulation S
ISIN:	XS2781530022

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