June 20, 2012, domestic subsidiary of Tingyi (Cayman Islands) Holding Corporation. successfully issued USD 500 million 5 year 3.875% corporate bonds.

Tingyi, running under the Master Kong brand name in PRC, is the first food & beverage Asian company issuing USD corporate bond. It intends to use the proceeds of corporate bond to finance capital expenditures relating to the strategic alliance arrangement with PepsiCo, to repay certain bank loans and for working capital and other general corporate purposes.

Jingtian & Gongcheng acted as the underwriter’s lawyer.