Shanghai Electric has completed the world’s first corporate free-trade zone (FTZ) offshore bond issuance on 19 August, which has been conducted through an overseas subsidiary.
Grandall Law Firm, Fangda Partners, Llinks Law Offices and Han Kun Law Offices provided legal services for the offering of RMB1.5 billion 1.8% three-year green FTZ offshore bonds.
The landmark issuance is the first corporate FTZ offshore bond to list on the HKEX, and began trading on the day after completion. The deal is also the largest single issuance in the FTZ offshore bond market.
For Shanghai Electric, Grandall acted as PRC legal counsel, with Cheng Jingjiao, managing partner of the firm’s Shanghai office, leading on the matter. Fangda Partners acted as international counsel to the issuer and the HKEX listing agent, with capital markets partner Annie Shen leading the team.
Guotai Junan International, a subsidiary of Guotai Haitong, acted as the sole lead global co-ordinator for the issuance. Llinks advised the underwriters on PRC law, with partners Wayne Chen and Chen Jun, together with business partner and consultant Xia Qing, leading the team. Han Kun acted as international counsel to the underwriters, with partners Eric Zhang and Allen Zhang leading the team.
The issuance sets a new low for RMB-denominated offshore bonds issued by Shanghai municipal non-financial state-owned enterprises. Shanghai Electric is a leading global supplier of industrial grade green energy systems and smart energy intelligent manufacturing. In smart energy, the company is developing complementary multi-energy solutions for solar, wind and hydrogen storage.
