China National Tire & Rubber Co., Ltd., a subsidiary company of China National Chemical Corporation (ChemChina) successfully issues US$ 600 million perpetual bonds on May 25, 2017 with a coupon of 3.9%.

ChemChina is wholly owned by State-owned Assets Supervision and Administration Commission (SASAC). It’s founded by the state-owned enterprises affiliated to the former Ministry of Chemistry. It has assets totaled 377.642 billion yuan by 2016, with annual sales of 300.127 billion yuan. It’s China’s largest chemical enterprise, ranked 211 among the global 500. It’s rated as BBB+ by Fitch Ratings. The strategic positioning of ChemChina is “old chemistry with new materials”. Its businesses include six segments in chemical new materials and special chemicals, basic chemicals, petroleum processing, agricultural chemicals, tire and rubber, and chemical equipment.

Jingtian & Gongcheng is the PRC legal counsel of the issuer and provides comprehensive legal services.