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JunHe Advises CNPC on its Issuance of the First Ever Hainan FTP Offshore RMB Bonds


In January 2024, China National Petroleum Corporation (“CNPC”) successfully issued RMB 1 billion fixed-rate Hainan Free Trade Port (“Hainan FTP”) offshore RMB bonds that are to mature in 2 years and have a coupon rate of 2.6%. As the debut of CNPC in the international offshore RMB bond market, it was the first public offshore RMB bond issue by a Chinese central state-owned enterprise in the past three years, as well as the first Hainan FTP offshore RMB bond issue by a corporate issuer. This bond issue was an innovative initiative taken by CNPC to support the high-quality development of Hainan FTP.

JunHe acted as the PRC legal counsel to the issuer. JunHe’s team assisted the issuer in registering the bonds with the National Development and Reform Commission (NDRC). They conducted legal due diligence in China, issued legal opinions, and reviewed the transaction documents from the perspective of Chinese law.

The JunHe team was led by partners YU, Yongqiang (YY) and LEI, Tianxiao, with support from partner YE, Junli for the internal control.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.