DFZQ $2.5 Billion Medium-Term Note Programme Establishment and Drawdown of S$200 Million Notes Offering

Davis Polk advised the arrangers in connection with the establishment of the $2.5 billion medium-term note programme of DFZQ (the “Programme”).

Davis Polk also advised the joint lead managers in connection with the drawdown of S$200 million 2.90% notes due 2022 under the Programme.

Listed on both The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange, DFZQ is a domestic investment bank in the PRC, principally engaged in securities and futures brokerage, margin financing and securities lending, securities investment advisory, securities proprietary trading, asset management, agency sale of financial products, security underwriting and sponsorship and other business activities approved by the China Securities Regulatory Commission.

The Davis Polk corporate team included partners Gerhard Radtke and Yang Chu, counsel Bingqing Pan and associate Hei Tung Cheng. Counsel Alon Gurfinkel and associates Omer Harel and Summer Xia provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.