Nanning Communications Investment Group Co., Ltd. (“Nanning Communications Investment”) issued an overseas USD bond for the first time in May 2021. The issuing scale of this 3-year bond was USD $300 million, with a coupon rate of 3.5%. The bond was listed and priced on May 28, 2021 on the Stock Exchange of Hong Kong. This is the first time that a municipal enterprise in Nanning has issued an overseas USD bond.

Nanning Communications Investment, established according to the layout of "Six Sectors and Eight Groups" proposed by the Nanjing Municipal People's Government, is a wholly state-owned enterprise undertaking municipal communications investment and construction. As a leading enterprise responsible for the design, construction and management of Nanning's transportation infrastructure, as well as Nanning's only water infrastructure constructor, the company is of prominent strategic significance for the construction and investment of all public transport network facilities except the rail transit facilities. Based on Nanning's tremendous financial strength, the company has operated under the development strategies mapped out by the municipal government and been strongly supported by the government in asset injection, government subsidies and policies.

Adopting the direct issuance structure, the USD bond was directly issued by the issuer, Nanning Communications Investment, and the capital raised will be used for infrastructural construction.

As the Chinese legal adviser to the underwriter, Jingtian & Gongcheng's legal team provided one-stop, end-to-end Chinese legal services for the bond issuance, including but not limited to conducting legal due diligence on Nanning Communications Investment and its domestic subsidiaries, offering Chinese legal opinions, and reviewing and revising roadshow materials, transaction documents and other documents.