Ashurst advised HONGKONG XIANGYU INVESTMENT CO., LIMITED in relation to its issuance of US$300 million bonds guaranteed by XMXYG Corporation

Founded in 1995, XMXYG is one of the largest state-owned enterprises in Xiamen City, Fujian Province of China and a leading enterprise in the Xiamen Area of China (Fujian) Pilot Free Trade Zone. The Issuer is a wholly-owned subsidiary of XMXYG. Over nearly 30 years' growth, XMXYG has developed into a vast conglomerate with a wide variety of business areas including commodity supply chains service, urban development and operation, integrated financial services, port and shipping, innovation incubation and other businesses. In 2022, XMXYG ranked 125th on the list of China Top 500 Most Valuable Brands (中國500最具價值品牌) by World Brand Lab (世界品牌實驗室), and 160th on the list of Fortune Global 500 Enterprises (世界500強) by Fortune (財富).

Lead partner Jessica Li commented, "We are very delighted to support XMXYG Corporation on the successful completion of this transaction. XMXYG Corporation is committed to the mission of "benefiting the world and achieving success together" ("計利天下，相與有成") and provides high quality solutions geared to China's "Belt and Road" initiative. We look forward to continuing our support to Chinese corporations' financing activities in the international capital markets."

The transaction was led by partner Jessica Li, supported by Lynn Liu, Yixuan Pan, Thomas Yau, Claire Chen, Aaron Kwong, Jessica Chan and Christy Wong.