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China Communications Construction Group (hereinafter as “CCCG”) successfully issued 16 Billion non-public exchangeable bonds (hereinafter as “the bond”) with 1% coupon rate.

CCCG and its subsidiaries are record makers in capital market. This is the first financing operation in the name of the Group, which also made several records, such as the largest exchangeable bonds in A share markets and the largest non-public and non-IPO financing operation in construction and infrastructure field. The bond is the first bond issued by pilot state-owned capital investment company.

CCCG is an extra-large central enterprise directly supervised by the State-owned Assets Supervision and Administration Commission, mainly engaging in investment, construction and operation of infrastructure, dredging and heavy machinery manufacturing, real estate an urban comprehensive development, etc., and is a world leading construction provider and a propellent of the Belt and Road Initiative. The issuance of the bond is a triumph in the pilot plan of state-owned capital investment company.

CCCG is an extra-large enterprise which has lots subsidiaries. The large scale of its business and assets became a challenge in this project, especially when there is a time requirement. In addition, according to the requirement of China Securities Regulatory Commission and Shanghai Stock Exchange, attorney for bond issuer whose business involves real estate developing should operate a special investigation in such business and issue a legal opinion. We did an investigation for 231 real estate projects, which should be the largest one in capital market until now.

Guantao Law Firm served as the only legal counsel of the issuer China Communications Construction Group. The lead partner is Zhongye CHEN, team member including Youqiu XIONG and Menglu ZHAN.