Xi’an Chanbahe Development Co., Ltd. successfully registered RMB1.1bn worth of short-term financing bills and RMB2bn worth of private placement notes (PPNs) with National Association of Financial Market Institutional Investors and offered the first tranche of short-term financing bills RMB500mln in size and the second tranche of PPNs RMB600mln in size respectively for the year 2014. Partner Chen Jie and attorney Zhang Yindi from Dacheng’s Xi’an office advised the company on the issuance.

Short-term financing bill is a form of security issued by non-financial businesses in the interbank bond market, the issuer of which is obliged to pay back principal plus interest within a specified period of time. It is a direct way of raising short-term funds (due in no more than one year).

Private placement note is a debt instrument issued by non-financial businesses to chosen institutional investors in the interbank bond market. It is traded amongst these chosen institutional investors.