Press Release

JPMFC acted as joint lead underwriter of RMB 4 billion convertible bond issuance for Dongfang Electric Corporation Limited

On July 16th, 2014, J.P. Morgan First Capital (“JPMFC”) successfully completed the RMB 4 billion convertible bond offering for Dongfang Electric Corporation Limited (“DEC Ltd.”or “the Issuer”). The convertible bond is listed on Shanghai Stock Exchange on Jul 25th, 2014.JPMFC acted as the joint lead underwriter together with CITIC Securities Co., Ltd. and Credit Suisse Founder Securities Limited.

DEC Ltd. is an A+H dual-listed company affiliated to Dongfang Electric Corporation, one of the most important state-owned backbone enterprise groups under the direct administration of the central government. The convertible bond is the largest among all the A share CBs that were already launched in 2014 in terms of size. It is also one of the largest equity-linked product public offerings. The issuance received nearly 300 billion RMB subscriptions from offline investors, leading to a 1.28% online and offline demand-to-offer ratio. The successful launch of this convertible bond issuance reflects continuing success of JPMFC’s strong capability in convertible bond issuing.