We advised the joint lead managers on the transaction

Davis Polk advised the joint lead managers in connection with a Regulation S offering by THI Capital Co., Ltd. of $300 million 4.25% bonds due 2029 guaranteed by Shandong Hi-Speed Group Co., Ltd.

Shandong Hi-Speed Group Co., Ltd. is the largest provincially supervised state-owned enterprise in Shandong province and the largest infrastructure developer in Shandong province in terms of total assets as of 31 December 2025, mainly engaged in expressway, railway, construction, trading, financial services and emerging industry and other businesses.

The Davis Polk corporate team included partner James C. Lin, counsel Bingqing Pan and registered foreign lawyer Anlei Zuo. All members of the Davis Polk team are based in the Hong Kong office.

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