Davis Polk advised the arrangers in connection with the establishment of the $2 billion medium-term note program of Coastal Emerald Limited, which is an indirectly wholly owned subsidiary of China Shandong Hi-Speed Financial Group Limited incorporated in the BVI.

Davis Polk also advised the joint lead managers in connection with the drawdown of $800 million 3.800% notes due 2021 under the Program, which is guaranteed by China Shandong Hi-Speed Financial Group Limited and has the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking provided by Shandong Hi-Speed Group Co., Ltd. (together with its subsidiaries, the “Group”).

The Group is the largest provincially supervised state-owned enterprise in Shandong province. The Group constructs and invests in transport infrastructure, such as expressways and railways, and serves as the sole railway infrastructure investment platform of the Shandong Government. The Group is the largest infrastructure developer in Shandong province in terms of total assets and profits in 2019. China Shandong Hi-Speed Financial Group Limited is listed on the Stock Exchange of Hong Kong Limited and a subsidiary of Shandong Hi-Speed Group Co., Ltd.

The Davis Polk corporate team included partners Gerhard Radtke and Yang Chu, counsel Bingqing Pan, registered foreign lawyer Moran Zhang and associate Christy Chan. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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