Recently, following the approval by the Shanghai Stock Exchange and the subsequent registration granted by the China Securities Regulatory Commission for the 2025 perpetual corporate bonds to be publicly issued to professional investors, the first tranche of Shanghai Zhenhua Heavy Industries Co., Ltd.’s (ZPMC) 2025 perpetual corporate bond  (Tranche I)  (sustainability-linked) has been successfully issued.

This issuance marks ZPMC’s first launch of perpetual corporate bonds in the exchange market and represents the first sustainability-linked perpetual corporate bond within the China Communications Construction Group, signifying a major breakthrough.

The total issuance size of this tranche reached RMB 500 million, with a final coupon rate of 2.15%. Despite recent market fluctuations in the bond market, this issuance achieved a record-low interest rate among perpetual corporate bonds of the same tenor in the equipment manufacturing industry, as well as among sustainability-linked small public offerings by listed companies of the same maturity.

Landing Law Offices served as the special legal advisor for this issuance, providing a full range of legal services including legal due diligence, issuance registration legal opinions, and issuance witnessing.

For this project, Landing’s legal team, comprising Attorney Liu Zhaofu, Attorney Li Jinchang, and legal assistants Lu Qianlin and Jiang Yu, delivered professional and efficient legal support. Landing Law Offices will continue to uphold its philosophy of “absolute professionalism”, consistently providing clients with high-quality and specialized legal services across diverse practice areas.