New Issue: China’s Hangzhou Gongshu State-Owned prices RMB 710 million 4.3% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Dec. 6 – Hangzhou Gongshu State-owned Holding Group (HongKong) Co., Ltd. sold RMB 710 million of 4.3% bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.

The Regulation S bonds come with the benefit of a keepwell deed and a deed of equity interest purchase undertaking by indirect parent Hangzhou GSGT State-owned Investment Group Co., Ltd.

Soochow Securities (Hong Kong), Aden Financial Group Ltd., Bank of China, China Citic Bank International, China Enterprise Securities Co., Ltd., China Galaxy International, China Securities International, Donghai International, Guotai Junan International and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with Soochow and Aden also working as joint global coordinators.

Proceeds will be used for development and construction of the group’s projects, as well as for working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 6.

Established, located and operating in Gongshu District of Hangzhou City, Zhejiang Province, the group is involved in industrial investment, industrial park construction, state-owned assets operation and leasing.

Issuer:	Hangzhou Gongshu State-owned Holding Group (HongKong) Co., Ltd.
Keepwell:	Hangzhou GSGT State-owned Investment Group Co., Ltd.
Amount:	RMB 710 million
Issue:	Bonds
Maturity:	Dec. 5, 2026
Bookrunners:	Soochow Securities (Hong Kong), Aden Financial Group Ltd., Bank of China, China Citic Bank International, China Enterprise Securities Co., Ltd., China Galaxy International, China Securities International, Donghai International, Guotai Junan International and Zhongtai International
Trustee:	Bank of New York Mellon, Hong Kong Branch
Counsel to issuer:	Deacons (England, Hong Kong)
Counsel to underwriters:	Gallant (with Meritas Member Firm) (England, Hong Kong), Shanghai Dao Peng Law Firm (China)
Coupon:	4.3%
Price:	Par
Yield:	4.3%
Call:	For taxation reasons at par
Change of control:	At 101
Pricing date:	Nov. 27
Issue date:	Dec. 5
Listing date:	Dec. 6
Distribution:	Regulation S
ISIN:	HK0000968153

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