On April 23, 2020, Siping City Development Investment Holding Co., Ltd. successfully registered its private placement note (PPN) scheme 2020-2022 with the National Association of Financial Market Institutional Investors. The registered amount of the scheme is RMB-1.4 billion, which was jointly underwritten by Everbright Securities and China CITIC Bank.

The issuer is a state-owned enterprise controlled by Siping Municipal Bureau of Finance. The fund raised will be used to repay the issuer's interest-bearing liabilities and optimize the debt structure, without increasing the government's debt or hidden-debt. The PPN provides a direct financing channel with a lighter responsibility for information disclosure. It shows the issuer's initiative to cope with the capital market, acumen to seize the right timing for offering, and tireless efforts to innovate.

As the legal adviser for the PPN project, the DeHeng team, comprising of partner Huang Huazhen and associate Zou Minjing, worked closely with the issuer, underwriters and other parties, issued legal opinions, and provided efficient, high-quality legal services despite the impact of the Covid-19, receiving much praises from the client.