In May 2019, CITIC Limited (previously known as CITIC Pacific Limited, “CITIC”), as the issuer, successfully updated its U.S.$ 9,000,000,000 medium term note programme (the “Programme”). HSBC, CLSA and UBS Hong Kong Branch acted as the arrangers for the Programme. JunHe, as the PRC counsel for the arrangers and the dealers in connection with the Programme, participated extensively in the due diligence investigation, the review of the offering circular, issued legal opinions and provided comprehensive legal services in relation to the PRC laws and regulations. Since 2010, Mr. LI Qi, Mr. WANG Yi, Ms. LIU Ning and Mr. ZHAO Zheng from JunHe’s Shanghai office, and Mr. YU Yongqiang from JunHe’s Beijing office, have participated in several rounds of bond issuance and MTN updates by CITIC. The partner responsible for this updated Programme was Mr. ZHAO Zheng.
JunHe has provided legal services for more than 200 domestic institutions, including CITIC, in relation to offshore bond issuances. According to Bloomberg, JunHe has taken a leading position among law firms in China in the field of offshore bond issuance for acting as PRC counsel for both issuers and underwriters. Moreover, JunHe has assisted many foreign institutions in participating in several Panda Bonds projects that are regarded as milestones in bond markets, including the first Panda Bonds issued by a North American commercial bank (Panda Bonds issued by the National Bank of Canada), the first Middle East sovereign Panda Bonds project (Panda Bonds issued by the Sharjah government, UAE) and the first Panda Bonds project issued under guarantee (Panda Bonds issued by the Air Liquide Group). Through years of effort, JunHe has gained abundant experience in the field of cross-border bonds. The prudence, practicality and efficiency of JunHe are highly recognized by its clients and other intermediary institutions.
In addition, JunHe’s Hong Kong office has formed its robust capital market team. The Hong Kong team, as the offshore legal support, is capable of providing comprehensive legal services in relation to foreign laws and regulations concerning offshore IPOs and bond issuances for its clients.