New NDRC rules facilitate the issuance of RMB Bonds in Hong Kong by PRC non-financial institutions
By Huang Xuhua Sau-Wing Mak Kevin Tong King & Wood Mallesons' Corporate Group
Background
As part of China’s commitment to foster the development of the offshore RMB bond market in Hong Kong, the National Development and Reform Commission (“NDRC”) published the “Circular on the Matters relating to the Issuance of RMB Bonds in Hong Kong by Onshore Non-financial institutions” (the “NDRC Circular”) on 2 May 2012. The Circular is a sequel to the “Interim Measures for the Administration of the Issuance of RMB Bonds in Hong Kong by Onshore Financial Institutions” published by the NDRC in June 2007 which regulate the issuance of RMB bonds in Hong Kong by onshore financial institutions (the “2007 Measures”).
Prior to the publication of the NDRC Circular, approvals for onshore PRC non-financial institutions to issue RMB Bonds in Hong Kong have been granted on a discretionary basis. In November last year, Baosteel Group Corporation became the first PRC corporate to issue RMB bonds in Hong Kong. Late last month, one metals and mining company and three state-owned power plant operators, namely China Minmetals, Guangdong Nuclear Power, Huaneng Power and Datang Power , were granted approvals by the NDRC to issue RMB bonds in Hong Kong. The significance of the NDRC Circular is that it formalises the approval process and stipulates the regulatory framework for onshore PRC non-financial institutions to issue RMB bonds in Hong Kong.
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, consists of three parts, an oak tree device and the English of "GreenTree Inn" in an eclipse and Chinese Tradename of the hotel "格林豪泰" below the eclipse. In fact, in the four-character Chinese Tradename of GreenTree, only the first two correspond to "Green" in sound and the latter two are irrelevant to the word "GreenTree Inn" in either sound or concept, which pronounce "Hao" and "Tai", meaning "Generous" and "Peaceful", respectively.
，基本构造为椭圆形图案内包含橡树图、英文“GreenTree Inn”，以及椭圆形图案下方的“格林豪泰酒店”字样。值得注意的是格林豪泰酒店的中文名字与其英文名字GreenTree Inn并不完全对应。