China Zheshang Bank plans up to RMB 60 billion bonds, $1 billion MTNs

By Mary-Katherine Stinson

Lexington, Ky., March 29 – China Zheshang Bank Co., Ltd.’s board of directors approved an issue up to RMB 60 billion of financial bonds, according to a company announcement.

The bonds will include but will not be limited to ordinary financial bonds used to optimize the debt structure, small-micro enterprises special financial bonds to use to grant small micro enterprise loans, green financial bonds used in green industrial projects, innovation and start-up financial bonds used to grant loans in innovation and start up areas and agriculture, rural areas and rural resident special financial bonds which will be used to grant agriculture-related loans.

The mandate will be valid through June 2025 if approved by shareholders.

Additionally, the board also approved an issue of overseas bonds up to $1 billion through its Hong Kong Branch.

The board will propose to the annual general meeting to authorize its Hong Kong Branch to select an appropriate time for issuance of the medium-term notes according to the market windows.

Both proposals are pending shareholder approval at the bank’s annual general meeting.

The commercial bank is based in Hangzhou, China.

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