DeHeng Law Offices has assisted ChinaCoal and China Everbright Group on the issuances of two registration-based bonds in the Shanghai Stock Exchange and Shenzhen Stock Exchange, respectively. China Securities and CITIC Securities acted as sponsors for ChinaCoal, while Everbright Securities acting for China Everbright.

These are the first two bond issuances since China launched a registration-based system for bond sales on 1 March — scrapping an approval mechanism, in a reform that allows companies to raise funds more easily.

It also aims to ease financing rules for companies in its bid to bolster an economy hit hard by the COVID-19 outbreak and is spurring firms to issue so-called ‘virus bonds’ to help fight the epidemic or tackle its effects.