Advised Rugao Economic and Trade Development Company on the issuance of US$150 million listed bonds

Advised Rugao Economic and Trade Development Company on its issuance of US$150,000,000 6.0% Bonds due 2022 which is listed on the Main Board of the Hong Kong Stock Exchange (stock code: 40041).

Rugao Economic and Trade Development Company is the primary investment, financing and construction platform in Rugao City, Jiangsu Province, the People’s Republic of China.

Listing of the bonds on the Main Board of Hong Kong Stock Exchange commenced on 29 October 2019.