Zhong Lun Law Firm assisted Shanghai-listed Fujian Funeng in successfully listing its RMB3.8 billion (USD533.7 million) in convertible bonds on the SSE, making it the largest public issuance of its kind on this exchange this year.
This listing has also broken two records in the A-share market. It is the third-largest public issuance of convertible bonds in the A-share market this year, ranking behind electric vehicle battery maker Eve Energy and China General Nuclear Power Corporation, the biggest nuclear power company in China. The latest listing is also the largest refinancing project by a Fujian-based company in the A-share market since 2023.
Shanghai-based Wen Ye was the lead partner on the Zhong Lun team advising Fujian Funeng. Beijing-based partner Wang Guan participated in the project, as one of the lawyers who signed off on documents published on the SSE.
Headquartered in Fujian province, Fujian Funeng is an electricity and heat provider, and a subsidiary of Fujian Energy Group. Issuance proceeds will fund a cogeneration power plant in Quanhui Petrochemical Industrial Park and the Mulan pumped storage hydropower plant in Xianyou county.
The issuance received strong market appeal, with the priority placement reaching a subscription rate of 86.34%, nearly 15 percentage points higher than the average market subscription rate in 2024.
