On 12 June 2020, Zhejiang Jingxing Paper Co., Ltd (Jingxing Paper) was approved to issue convertible corporate bonds by the China Securities Regulatory Commission.
JingXing Paper is one of the foremost manufacturers and suppliers of kraft cardboard and white kraft cardstock in the Huadong area, which is recognized as a national packaging cardboard development and production base approved by the China Packaging Federation.
JingXing Paper's current issuance of convertible funds aims to raise 1,280 million CNY at most, and will utilize the funds in the project in Malaysia to produce 800,000 tons of waste paper pulp. This project is JingXing's strategic move to follow the economic and industrial development trend under "the Belt and Road" Initiative. After the implementation of this fundraising project, JingXing Paper will meet the raw material needs of the company's daily operations through overseas raw material channels, enabling the company to break through the scale expansion barrier and obtain cost advantages under the new industry competition environment, and enhance the ability to resist risks and enhance the company's comprehensive competitiveness and also create new development opportunities for the company.
As the counsel of the issuer, Llinks provided legal services for JingXing's issuance of convertible bonds.
