Press Release

JPMFC acted as the sole lead underwriter on RMB 1.80 billion Corporate Bond offering for Rise Sun Real Estate Development Co., Ltd.

On 18th June 2015, J.P. Morgan First Capital (”JPMFC”) acted as the sole lead underwriter and book runner for the RMB1.8bn Corporate Bond offering for Rise Sun Real Estate Development Co., Ltd (”the Issuer”). The offering was priced on 23rd June 2015 and is to be listed on the Shenzhen Stock Exchange. The Issuer’s corporate bond listing is the first real estate bond listing on the Shenzhen Stock Exchange since the implementation of the new preliminary review scheme.

In order to successfully price the bond, DCM kept in-depth communication with potential investors, closely monitored the market trend, and captured a favorable market window in mid-June, despite of tight liquidity. At the same time, the DCM team has coordinated several roadshows in Beijing and Shanghai with numerous investors. The DCM team has set a relatively low pricing range under smooth coordination with the Issuer and with deep understanding of the market scheme, despite the less popularity on corporate bonds issued by privately owned enterprises. The bond was eventually priced at 5.78%, which was a relatively low yield ratio. The efficient sales work has won the issuer’s recognition and appreciation.