Translator：Wang Qiyu

On April 24, 2020, Shanghai Landing Law Offices, acting as special legal counsel, assisted China Communications Third Navigation Engineering Bureau Co., Ltd. in the successful public issuance of 2020 Extendable Bonds (Tranche I) on the Shanghai Stock Exchange. The issuance amount of this tranche was 2 billion RMB, with a term of 3+N years, a AAA/AAA rating, a coupon rate of 3.35%, and an overall subscription ratio of 1.78.

Established in 1954, China Communications Third Navigation Engineering Bureau Co., Ltd. is a state-owned mega construction enterprise primarily engaged in various port and waterway projects, as well as infrastructure projects including highways, railways, bridges, tunnels, and municipal works. The successful issuance of these extendable bonds effectively broadens the company's financing channels, enhances its equity capital, and provides robust financial support for its future development plans.

Shanghai Landing Law Offices, entrusted by China Communications Third Navigation Engineering Bureau Co., Ltd., assigned Lawyer Liu Zhaofu's team to serve as the special legal counsel for the bond issuance. Lawyer Liu and his team members conducted a thorough and necessary examination and verification of the relevant matters and legal issues related to the issuance, culminating in the issuance of a comprehensive legal opinion.