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Dentons advises Danyang Investment Group on RMB1 billion SCP issuance

In July 2019, Danyang Investment Group Limited (“DIG” or the “Issuer”) publicly issued its RMB 1 billion 2019 Series I short-term commercial papers (“SCPs”) with a maturity of 270 days and an annual interest rate of 6.5% in the national inter-bank bond market. Nanjing Bank and Industrial Bank were the lead underwriters. The Issuer is rated AA+ by Golden Credit Rating International Co., Ltd. A Dentons team in China, consisting of senior partner Wang Hanqi, partner Fan Jianhong and associate Guo Mengyuan, advised DIG on this issuance.

Their services mainly included conducting legal due diligence on the Issuer, assisting the Issuer to operate in accordance with the relevant laws and regulations, responding to the feedback of the National Association of Financial Market Institutional Investors, and issuing legal opinions on this issuance. By virtue of their rich experience in this field and rigorous and diligent work, the team offered comprehensive and high-quality services for DIG and has been highly recognized by all participating parties.

In the past years, the team has also assisted DIG in issuing various RMB bonds such as corporate bonds, medium-term notes, short-term financial papers, green bonds and private debt financing plans, and advised on DIG on issuing its first US dollar bond in Hong Kong through its overseas wholly-owned subsidiary at the end of 2016.

DIG is a wholly state-owned enterprise, approved, established and controlled by the Danyang Municipal People’s Government. After years of development, its footprint has expanded to various fields such as water, chemical and investment and its operation capabilities have greatly improved. Currently, it has 46 subsidiaries, including Jiangsu Danhua Group Co., Ltd., Danyang Water Group Co., Ltd., and Danyang Agricultural Comprehensive Development Co., Ltd. The company’s positive involvement in the capital market not only provides strong support in liquidity for its operation and development, but also broadens its financing channels, optimizes its financial structure, and strengthens its financing capabilities, enabling DIG to better undertake its important role in the construction of the city’s key civilian infrastructure, such as urban construction, transportation, housing and water, and laying a solid foundation for the city’s development.