New Issue: HK Onlink Technology sells ¥22.3 billion 1.29% credit-enhanced bonds due 2024

By William Gullotti

Buffalo, N.Y., Nov. 30 – HK Onlink Technology Co., Ltd. issued ¥22.3 billion of 1.29% credit-enhanced bonds due 2024 at par, according to a listing notice and an offering circular on Thursday.

The bonds include the benefit of a keepwell deed provided by parent company Zhenjiang State-owned Investment Holding Group Co., Ltd. and include an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Zhenjiang Branch.

JQ Securities, Citic Securities, CNCB Capital, Huatai International, China Industrial Securities International, China Securities International, CEB International, China International Capital Corp., Orient Securities (Hong Kong), Guosen Securities (HK), Guoyuan Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch and TF International are the joint lead managers and joint bookrunners for the Regulation S offering, with JQ, Citic and CNCB also acting as joint global coordinators.

Proceeds will be used to repay existing debt, to replenish working capital and for general corporate purposes.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Nov. 30.

The information technology services company is based in Hong Kong.

Issuer:	HK Onlink Technology Co., Ltd.
Keepwell:	Zhenjiang State-owned Investment Holding Group Co., Ltd.
LoC issuer:	Bank of Jiangsu Co., Ltd., Zhenjiang Branch
Amount:	¥22.3 billion
Issue:	Credit-enhanced bonds
Maturity:	Nov. 27, 2024
Bookrunners:	JQ Securities, Citic Securities, CNCB Capital, Huatai International, China Industrial Securities International, China Securities International, CEB International, China International Capital Corp., Orient Securities (Hong Kong), Guosen Securities (HK), Guoyuan Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch and TF International
Trustee:	Bank of New York Mellon, London Branch
Counsel to underwriters:	Mayer Brown (England, Hong Kong), Jiangsu Zhongjianhui Law Firm (China)
Coupon:	1.29%
Price:	Par
Yield:	1.29%
Call:	For taxation reasons at par
Change-of-control:	At par
Pricing date:	Nov. 23
Settlement date:	Nov. 29
Listing date:	Nov. 30
Distribution:	Regulation S
ISIN:	XS2717886571

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