1 June 2011
Hong Kong – DLA Piper announced today that it advised Agricultural Bank of China Limited Hong Kong Branch and ABCI Capital Limited as joint lead managers for the issuance of RMB600 million of bonds by China Chengtong Development Group Limited (HKSE: 217). The DLA Piper team was led by Hong Kong-based partners JC Lee and Paul Lee.
The bonds, which were issued on 19 May 2011, were the first “dim sum” bond offered by China Chengtong Development, referring to bonds denominated in Renminbi and issued outside China.
Agricultural Bank of China is one of the leading commercial and retail banks in China. Headquartered in Beijing with a nationwide distribution network, the bank also has branches in Hong Kong and Singapore and representative offices in other cities.
Commenting on the issuance, JC Lee said: “As an offshore RMB centre, Hong Kong will continue to see more RMB-denominated investment products in the market. Many issuers are waiting for the right time to capture market opportunities as the demand and popularity of RMB investment products in Hong Kong are rapidly rising.”
Paul Lee added: “We are delighted to assist Agricultural Bank of China Limited Hong Kong Branch and ABCI Capital Limited on the inaugural RMB-denominated bond issuance of China Chengtong Development. The transaction demonstrated DLA Piper’s expertise in advising clients to achieve their capital-raising goals in the rapidly growing RMB investment market.”
The DLA Piper team was led by partners JC Lee and Paul Lee, who were assisted by associates Jada Lee and Gulong Ren.