Han Kun Hong Kong Law Offices LLP ("Han Kun Hong Kong") has once again provided English law and Hong Kong law legal services in connection with Yiwu State-owned Capital Operation Co., Ltd.'s (the "Company") U.S.$350 million 3-year bond issuance as the Joint Lead Managers' and Trustee's international counsel. The coupon rate of the 3-year bonds is 4.35%.
Yiwu is a county-level city of Zhejiang Province. As the first county-level pilot city in the national comprehensive reform of international trade, Yiwu has long been known as "the World's Capital of Small Commodities" and has been honored as "the world's largest small commodity wholesale market" by the UN and other international institutions. Yiwu ranked first by GDP among the "top 17" county-level divisions in Zhejiang Province in 2025. Yiwu also maintains the top position among all county-level divisions nationwide in terms of the number of market entities, per capita disposable income of urban and rural residents, and foreign trade exports. The city's GDP per capita qualified it as a "high-income economy" according to the World Bank's classification criteria.
The Company is the primary operator and manager of state-owned assets in Yiwu City. The Company is the first county-level state-owned enterprise in Zhejiang Province with a BBB international rating from Fitch and China's first and currently only country-level SOE with a Baa2 international rating from Moody's.
