Chungs Lawyers, the associated firm of DeHeng in Hong Kong, advised Wenzhou Lucheng District State-owned Holding Group Co., Ltd. on its issuance of CNY$972,000,000 4.10% credit enhanced notes due 2024 with the benefit of an irrevocable standby letter of credit issued by Bank of Ningbo Wenzhou Branch (宁波银行温州分行), and listed on the Singapore Exchange. It is the first PRC’s CNY-denominated credit enhanced bonds in the past five years and the first foreign bond issued by Wenzhou City.
Established in 1989, Wenzhou Lucheng District State-owned Holding Group Co., Ltd. is a major investment, construction and state-owned assets operation platform, and the core operating entity carrying out urban development activities and providing public services in Lucheng District of Wenzhou City（溫州市鹿城區）. In 2019 and 2020, Wenzhou City has the third highest GDP among all cities in Zhejiang Province, whilst Lucheng District has the highest per capita disposable income among all municipal districts of Wenzhou City.
Listing of the bonds on the Singapore Exchange commenced on 20 December 2021.
The Partner of Chungs Lawyers, the associated firm of DeHeng in Hong Kong, Lily Liang, led the team includes Tracy Wong, Jason Wong, Lawrence Lam, , Dexter Yeung, Lilian Kwong, Amber Cao, Evelyn Fan, and Fairy Wang.