Zhejiang Expressway Co., Ltd. (“Zhejiang Expressway” or the “issuer”) successfully issued H-share convertible bond on April 5, 2017. CICC acted as Joint Global Coordinator and Joint Bookrunner in this transaction.

Zhejiang Expressway, under Zhejiang Communications Investment Co., Ltd., is an H-share listed company principally engaged in investing in, developing and operating of expressways and first-class roads in Zhejiang province. The transaction is a senior convertible bond offering with an offering size of EUR365 MM. The maturity is 5 years, with an investor’s put option at the end of the third year. The coupon and yield-to-maturity are both 0% and the initial conversion premium is 32.5%.

This transaction is the first offshore convertible bond issued by companies from Zhejiang province and also the first offshore convertible bond issued by Chinese companies in Hong Kong market in 2017. Besides, this is the only outstanding offshore convertible bond in the market issued by Chinese companies under the EUR structure (excluding exchangeable bonds). The transaction further strengthened CICC’s leading market position as the No. 1 security house in underwriting convertible bonds issued by Chinese enterprises.