Ashurst advised on China's first Free-Trade-Zone bonds issued by a state-owned financial institution

Global law firm Ashurst acted as the international counsel to the Joint Lead Managers in relation to the issuance of CNY2.4 billion 2.9% bonds due 2025 issued by BOCOM LEASING MANAGEMENT HONG KONG COMPANY LIMITED (the "Issuer") with the benefit of a Keepwell and Asset Purchase Deed provided by Bank of Communications Financial Leasing Co., Ltd. (the "Company"), advising on both English and Hong Kong law.

Global law firm Ashurst acted as the international counsel to the Joint Lead Managers in relation to the issuance of CNY2.4 billion 2.9% bonds due 2025 issued by BOCOM LEASING MANAGEMENT HONG KONG COMPANY LIMITED (the "Issuer") with the benefit of a Keepwell and Asset Purchase Deed provided by Bank of Communications Financial Leasing Co., Ltd. (the "Company"), advising on both English and Hong Kong law.

Established in 2007, the Company is a wholly-owned subsidiary of Bank of Communications Co., Ltd. ("BOCOM") and one of the first five financial leasing companies approved by the State Council. It provides enterprises with flexible financial leasing solutions for a wide range of industries including aviation, shipping, public infrastructure, energy equipment and machinery equipment. The Company is the largest financial leasing company in the PRC in terms of total assets. The Company is also the largest subsidiary of BOCOM in terms of asset amount. It is also the sole leasing platform of BOCOM. The Issuer serves as the operating platform for the overseas operations in shipping leasing for the Company. 

The Bonds are dually-listed in Macao and Singapore. This is also the first ever Shanghai Free-Trade-Zone bond issued by a Chinese state-owned financial Institution. In addition, the Bonds feature green and sustainable elements, manifesting an important attempt by Chinese state-owned enterprises in exploring different avenues of ESG financing.

Lead partner Jessica Li commented: "We are very honoured to have advised on this landmark transaction. It is a testimony of the strong brand of the Company in the international capital markets, and has also marked a new chapter of China's Free-Trade-Zone offshore bond market and Renminbi internationalisation. We look forward to continuing to support our clients on more and more financing projects in the international capital markets."

The transaction was led by partner Jessica Li, supported by Yixuan Pan, Thomas Yau, Jianping Wang, Claire Chen, and Flora Cheung.