The Yulan bonds are due 2025

Davis Polk advised the managers in connection with the drawdown of €100 million 1.75% Yulan bonds due 2025 under the $2.5 billion medium-term note programme of DFZQ pursuant to an initiative established by Shanghai Clearing House and Euroclear Bank SA/NV.

DFZQ is principally engaged in securities and future brokerage, margin financing and securities lending, securities investment advisory, securities proprietary trading, asset management, agency sale of financial products, security underwriting and sponsorship and other business activities. DFZQ is listed on both The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange.

The Davis Polk corporate team included partner Gerhard Radtke, counsel Bingqing Pan and registered foreign lawyers Moran Zhang and Anlei Zuo. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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