Advised the Managers and Trustee on the issuance of U.S.$96 million listed bonds

Chungs Lawyers, the associated firm of DeHeng in Hong Kong, being the legal advisers to the Joint Lead Managers and the Trustee, advised Fuzhou Digital Economy Investment Group Co., Ltd (抚州市数字经济投资集团有限公司) (the “Issuer”, together with its subsidiaries, the “Group”) on its issuance of U.S.$96,000,000 6.0% credit enhanced bonds due 2025 with the benefit of an irrevocable standby letter of credit provided by Bank of Jiujiang Co., Ltd., and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

Established in 2015, the Issuer is the core operating entity carrying out infrastructure constructions in Fuzhou City and is wholly owned by the Fuzhou City SASAC (抚州市人民政府国有资产监督管理委员会). Leveraging on the development of Jiangxi Province and Fuzhou City, strong shareholder’s support and an experienced management team of the Group, the Group has undertaken and completed a large number of municipal development projects and plays an important role in the development of Fuzhou City.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 19 September 2022 (Stock code: 5529).

The Partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang and Vince Chan.

Advised Ganzhou Urban Investment Holding Group Co., Ltd. on issuance of notes

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised the issuer on Ganzhou Urban Investment Holding Group Co., Ltd. (赣州城市投资控股集团有限责任公司) (the “Issuer”) on its issuance of USD250,000,000 6.0% sustainable notes due 2025, and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

The Issuer is the pillar enterprise that carries out financing, investment, construction, operation and management of infrastructure construction and land development in the region. Since its establishment, the Issuer has continued to benefit from its strategic relationship with and received strong support from the Ganzhou Municipal Government. The Issuer has participated in a wide range of infrastructure construction projects including key public facilities, major roadways, railway stations and affordable housings.

Listing of the notes on the Hong Kong Stock Exchange (Stock code: 5526) commenced on 15 September 2022.

The partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang and Vince Chan.

Advised Jincheng State-owned Capital Investment Operation Co., Ltd. on issuance of bonds

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Jincheng State-owned Capital Investment Operation Co., Ltd. (晋城市国有资本投资运营有限公司) (the “Issuer”) on its issuance of USD200,000,000 6.9% bonds due 2025, and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

The Issuer is one of the major investment, financing and infrastructure construction state-owned entities in Jincheng City. It is a state-owned enterprise wholly owned by and under the direct management and supervision of the State-owned Assets Supervision and Administration

Office of Jincheng City Government（晋城市人民政府国有资产监督管理委员会）. Since its establishment in March 2004, the Issuer has played an important role in implementing Jincheng City Government’s blueprint for urban planning and municipal construction in Jincheng City and has received strong financial and operational support from Jincheng City Government.

Listing of the bonds on the Hong Kong Stock Exchange (Stock code: 5514) commenced on 8 September 2022.

The partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang and Vince Chan.