Tian Yuan Law Firm LLP ("Tian Yuan Hong Kong") assisted Liling Lujiang Investment Holding Group Co., Ltd. ("Liling Lujiang ") in successfully completing offshore RMB senior unsecured credit enhancement on February 7, 2024 Issuance of bonds. The bond issuance size is RMB 536 million, with a coupon rate of 4.60% and due in 2027. The bond was supported by a standby letter of credit from the Changsha Branch of Bohai Bank Co., Ltd. and was listed on the China (Macau) Financial Assets Exchange Co., Ltd. ("Macau Exchange").

Liling Lujiang, as a state-owned company approved by the Liling Municipal Party Committee and Municipal Government, integrates multiple functions such as major project investment, development and construction, and asset management in Liling City. It is mainly responsible for Liling City’s urban infrastructure construction, bus operations, house leasing, etc. business. The above-mentioned business and operating model enable Liling Lujiang to not only generate sustained main business income based on its own main business, but also obtain strong support from the government based on the common characteristics of general urban investment companies. As the most important urban infrastructure investment and construction and state-owned asset management entity in Liling City, Liling Lujiang has an outstanding industry position and regional monopoly advantages.

Tian Yuan Hong Kong acted as the issuer's international legal advisor in this bond issuance project, providing the issuer with full legal services. The work completed by Tian Yuan Hong Kong includes but is not limited to drafting and revising the bond information memorandum, reviewing transaction documents related to bond issuance, assisting with project delivery, and assisting the issuer and underwriter team, credit enhancement banks, and domestic and foreign legal advisors hired by all parties, communicate and negotiate with relevant regulatory authorities, and complete the listing of the bonds on the Macau Exchange.

Tian Yuan Hong Kong has extensive experience in overseas bond issuance (especially overseas bond issuance by Chinese-funded enterprises). Adhering to the concepts of professionalism, dedication and diligence, Tian Yuan Hong Kong always provides high-quality and efficient legal services to clients, and fully understands the special and important matters that Chinese-funded enterprises need to pay attention to in overseas financing.