China Merchants Shekou to issue new RMB bonds worth up to 5.04 bn yuan

China Merchants Shekou Industrial Zone Holdings Co., Ltd. announced the issuance of 2025 public corporate bonds (third tranche) to professional investors, with a maximum value of 5.04 billion yuan. The fixed-rate bonds will be offered in two tranches: a 3-year bond and a 5-year bond. Both tranches will be priced at par (100 yuan per bond) and are unsecured. This issuance is part of a larger 12.93 billion yuan bond program approved by the China Securities Regulatory Commission on June 12, 2025.

The bonds will be issued to qualified professional institutional investors via a book-building process. Net proceeds will primarily be used to repay or replace maturing corporate bonds. The company's credit rating remains AAA with a stable outlook, and the bonds themselves are unrated. As of June 30, 2025, the company's total assets were 868.04 billion yuan, with owners’ equity of 278.945 billion yuan, and a debt-to-asset ratio of 67.86%.

The issuance is scheduled with offline interest inquiry on November 24, 2025, from 15:00 to 18:00, and the subscription period from November 25 to November 26, 2025. The final coupon rates will be determined based on book-building results within predefined ranges of 1.50%-2.50% for the 3-year tranche and 1.70%-2.70% for the 5-year tranche. Investors are cautioned to assess risks, including market fluctuations and potential illiquidity, as the bonds will be listed on the Shenzhen Stock Exchange.