onshore PRC non-financial institution

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.

Continue Reading New NDRC rules facilitate the issuance of RMB Bonds in Hong Kong by PRC non-financial institutions

作者:黄绪华 麦秀颖 唐礼贤  金杜律师事务所公司

背景

作为中央政府承诺促进香港人民币债券市场发展的一部分,2012年5月2日,国家发展和改革委员会(“国家发改委”)发布了《国家发展改革委关于境内非金融机构赴香港特别行政区发行人民币债券有关事项的通知》(“发改委通知”)。发改委通知是《境内金融机构赴香港特别行政区发行人民币债券管理暂行办法》(“2007年办法”)之续篇,2007年办法由中国人民银行和国家发改委于2007年6月8日公布,主要规范境内金融机构赴香港发行人民币债券的行为。

发改委通知发布之前,内地非金融机构赴香港发行人民币债券采用的是个案审批。去年十一月,宝钢集团公司成为第一家在香港发行人民币债券的内地公司。上个月,国家发改委核准中国五矿集团、广东核电集团、华能电力和大唐电力赴香港发行人民币债券。发改委通知就内地非金融机构赴香港发行人民币债券确定了正式的审批流程和监管架构,意义重大。

Continue Reading 国家发改委发布通知以规范并促进境内非金融机构赴香港发行人民币债券