CICC Assists CAR in Issuing RMB730 Mn Exchange-listed Panda Bond

On April 25, 2018, CICC assisted CAR Inc. (“CAR” or the “Company”) to complete the offering of RMB730 million corporate bonds, with a maturity of 2+1 years and coupon rate of 6.30%, to qualified investors (“the Offering”). The bonds are expected to be listed on Shanghai Stock Exchange. As Sole Underwriter and Sole Bookrunner in the transaction, CICC demonstrated its skills in dealing with complicated situations and expertise in Panda bond products. Despite a turbulent market environment, CICC coordinated all work lines, and backed by its outstanding marketing strengths, achieved a successful bookbuilding result, formed an outstanding market-based investor structure, and finalized the coupon rate at a new record low. The Offering represents another fruitful cooperation between the two parties following the Company’s overseas offering of dim sum bond, which reflects CICC’s long-term, high-quality and integrated financing service capabilities in onshore and offshore capital markets.

Established in September 2007 with its headquarter in Beijing, China, CAR Inc.is a leading player in China’s car rental industry. By learning from the successful car rental model in mature markets and combining it with the consumption habits of Chinese consumers, CAR Inc. provides short-term rentals, long-term rentals, leasing and other specialized car rental services, as well as supporting services including GPS navigation and road rescue. In September 2014, CAR Inc. completed its red-chip listing in Hong Kong under the stock code of 699.HK. As of the end of 2017, CAR Inc. had an extensive network of 898 directly operated service locations in 117 major cities in all provinces in China, including 373 service stores and 525 car pick-up and return points. Its network was further supplemented by 239 franchised service locations in 189 third and fourth-tier cities. By serving more than one million individual clients and nearly 10,000 corporate clients, CAR Inc. is currently the largest nationwide large-scale chain car rental company in China.

The deal was executed under an intense timeline, with multiple work lines such as documents preparation, marketing and roadshow arrangement progressing simultaneously. The deal’s success has proved again CICC’s remarkable execution and marketing capabilities, and further highlighting CICC’s position as a leading investment bank in Panda bond products and domestic bond market.