On 6 December 2017, China Mengniu Dairy Company Limited (China Mengniu, stock code: 02319. HK) successfully registered its RMB15 billion panda bonds in the China’s inter-bank bond market, including RMB10 billion in SCP and RMB 5 billion in MTN. This is the first time that China Mengniu issued the panda bond, striking several new records in panda bond markets: the first panda bond in the dairy industry, the first panda bond in the consumer sector, and the largest panda bond of non-financial enterprises in the inter-bank market in 2017.

China Mengniu is the leading dairy supplier in China, ranking top 10 in 2017 Global Dairy Top 20. It was rated AAA in corporate credit rating and the medium-term notes with a stable rating outlook. The successful registration of panda bonds is of great significance for China Mengniu to widen and deepen its financing channels, as well as to showcase that Mengniu Group actively participates in promoting the internationalization of RMB.China Mengniu is the leading dairy supplier in China, ranking top 10 in 2017 Global Dairy Top 20. It was rated AAA in corporate credit rating and the medium-term notes with a stable rating outlook. The successful registration of panda bonds is of great significance for China Mengniu to widen and deepen its financing channels, as well as to showcase that Mengniu Group actively participates in promoting the internationalization of RMB.

King & Wood Mallesons (KWM), as the PRC counsel to the issuer, participated in the whole process and communicated efficiently with clients and other agencies. KWM’s remarkable performance in the work, such as due diligence, reviewing prospectus and underwriting agreement, coordinating with Cayman lawyers and providing legal opinions, demonstrated its advantages in issuing panda bonds for large enterprises, and gained trust and recognition from clients and other teams in the project. This project was led by partners Gong Mulong and Lin Zhijun, with great support from partner Christine Chen.

Gong Mulong said, “We are thrilled to successfully help China Mengniu to issue the panda bonds. It was also another milestone project after KWM’s groundbreaking issuance of foreign sovereigns’ panda bond, showing KWM’s innovative and leading abilities. In capital market, especially in cross-border transactions, KWM can accurately seize the opportunities for clients as well as promote transactions in combination with the clients’ features and industries. This is why clients preferred to choose KWM as their legal advisers. ”