King & Wood Mallesons advised Ming Yang Smart Energy Group Limited (Ming Yang Smart Energy, Stock Code: SHA.601615), one of the world’s largest wind turbine manufacturers and a world-leading provider of integrated clean energy solutions, on its debut issuance of US$200 million credit enhanced green bonds. The bonds are issued by an offshore subsidiary of Ming Yang Smart Energy and are supported by a keepwell undertaking provided by Ming Yang Smart Energy and a standby letter of credit issued by Bank of China Limited, Guangdong Branch.
This offering is the first offshore bond offering by Ming Yang Smart Energy and is also the first MOX-cleared green bond issuance by an industrial enterprise in the Greater Bay Area. KWM has been active advising corporate issuers and financial institutions on MOX-related bond offerings since 2020. The team was recently invited by the Monetary Authority of Macao (Autoridade Monetária de Macau) and the Legal and Judicial Training Centre (Centro de Formação Jurídica e Judiciária) to conduct a training on bond transactions and relevant regulatory regimes in Hong Kong.
This bond offering is also in alignment with ICMA’s (The International Capital Market Association) Green Bonds Principles and further demonstrates KWM’s experience in the ESG bond market and its commitment to the ESG development within the region.
KWM acted as the issuer’s counsel in this transaction. The KWM Hong Kong team was led by partners Hao Zhou and Michael Lu with support from Cynthia Tan, Frank Shi and Matthew Lau. The Guangzhou team was led by partners Tiandi Zhang and Jianxue Wang with support from June Liu, Aiqi Lu and Shuyuan Xu and with special contribution from partner Ke Cheng.
*Any reference to “Hong Kong” or “Hong Kong SAR” and “Macao” or “Macao SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China” and “Macao Special Administrative Region of the People’s Republic of China”.
