20 November 2019

KWM acted on the first MOX-listed LGFV bond issuance

King & Wood Mallesons (KWM) advised Hongkong International (Qingdao) Company Limited, a wholly-owned subsidiary of Qingdao City Construction Investment (Group) Limited (Qingdao City Construction Investment), on the issuance of its US$300 million 3.9% bonds due 2022. The bonds will be listed on The Stock Exchange of Hong Kong Limited and Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX).

The successful completion marks the first MOX-listed bond issued by a LGFV (Local government financing vehicle). Established in 2018, MOX is the only Macau*-based financial institution founded by a state-owned enterprise directly under the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council of the PRC. It is the first financial institution in Macao to provide bond issuance, listing, registration, custody, trading and settlement services.

Qingdao City Construction Investment is wholly-owned by the SASAC of Qingdao City and has a diverse range of businesses across multiple industries, including infrastructure development, primary land development, development of commodity housing, financial services, photovoltaic power generation and trading. Established in 2008, Qingdao City Construction Investment has played an important role in implementing the Qingdao Municipal Government’s blueprint for urban planning and municipal construction.

KWM acted for Hongkong International (Qingdao) Company Limited and Qingdao City Construction Investment as international counsel. The team was led by Hong Kong partners Hao Zhou and Michael Lu, with support from counsel Cynthia Tan and associate Luning He.

 

*Any reference to “Hong Kong” or “Hong Kong SAR” and “Macau” or “Macau SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China” and “Macau Special Administrative Region of the People’s Republic of China”.

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