Weichai Power Successfully Issued US$775 Million Senior Overseas Perpetual Bonds
Strong operation, reasonable structure, highest rating in the industry On August 31, 2017, Weichai Power disclosed its interim results report for 2017, with various operating indicators showing strong performance: operating revenue of 72.313 billion yuan, an increase of 69.9% year-on-year; net profit attributable to the mother was 2.65 billion yuan, an increase of 147.4% year-on-year; The increase in profits was greater than the increase in revenue. Earnings in the first half of 2017 were higher than the full-year earnings of 2016. With a multi-sectoral market dominance, a diversified business structure, stable financial cash status and unique industry scarcity value, Weichai Power has been rated by the rating agency Fitch as an investment grader, rising from BBB to BBB+ and looking to “stabilizeâ€. The rating agency Standard & Poor's raised Weichai's power rating outlook from "negative" to "stable," while confirming its long-term corporate credit rating for BBB. As a non-central enterprise, the credit rating of Weichai Power obtained a higher rating from international rating agencies, setting a benchmark for the international rating of Chinese equipment manufacturing companies. Efficient roadshows, oversubscription, highly sought after by the market From September 4, 2017, Weichai Power held a 2.5-day bond roadshow in Hong Kong and Singapore, and conducted highly effective face-to-face communication with nearly 100 internationally renowned investors. Based on the diversified business structure and strong operating performance of Weichai Power, overseas investors showed strong investment interest in Weichai Power. On September 7, 2017, Weichai Power announced the issuance of a benchmark perpetual bond, with an initial price guidance interval of 4.250%. At 3:30 pm, the market has announced that the subscription book has exceeded US$5.6 billion and oversubscribed by more than 7 times. The final price was significantly narrowed by 50 basis points to 3.750%. The amount of this issue was relatively large, but it still received more than 7 times over-subscription in the capital market, which fully demonstrated the high recognition of international investors for the development of Weichai's power business. Large-scale low-cost, multiple investors constitute a model for overseas bond issuance According to the quality and scale of the subscription book, this is the lowest perpetual USD perpetual bond issued by non-central Chinese issuers from the beginning of 2016 to the present and the largest amount of perpetual bonds issued by Chinese enterprises. In this issuance, the final investor distribution is 50% for long-term funds, 17% for banks, 13% for companies, and 8% for insurance investors. This will lay a good foundation for subsequent transactions in the secondary market for this bond, and it will also be Woichai. It has established a broad base of international investors and broadened overseas financing channels. In general, the strong performance of Weichai Power's business and finance, as well as the overall consideration of risk factors in the capital market, and the active and prompt response are the keys to the successful issuance of this bond. Weichai Power's "Strategy Cube" In the context of the new normal economic situation, Weichai Power has taken the initiative to transform itself and strategically deploy emerging businesses ahead of schedule; it has adjusted its structure, smoothed fluctuations and evaded systematic risks, and gradually transformed itself from the middle to the overall solution to achieve the second takeoff in the industry. At present, strategic transformation and structural adjustment have been basically put in place, controlling rich global strategic resources, forming a diversified ecosystem with reasonable layout of domestic and foreign businesses, significant vehicle-to-machine mobilization, the power of the gold industry chain always becoming the core, and smart logistics as the new business model. structure. The strategic commitments, strategic roles, execution strategies, and available resources of each business segment have been very clear. In the future, Weichai Power will, based on dynamic changes, appropriately and strategically combine “strategic Rubik's Cube†with scientific integration, effective integration, and timely adjustment to realize the strategic effect of “[(1+1)>2] square†and the effectiveness of the ecosystem. Collaboration. 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