Xincheng Development: Subsidiary Plans to Issue US Dollar-denominated Senior Secured Notes

On the morning of September 23, Xincheng Development announced on the Hong Kong Stock Exchange that its wholly-owned subsidiary, Xincheng Global Limited, proposed to conduct an international offering of priority guaranteed notes denominated in US dollars, with the company and Xincheng Holdings as guarantors, and will hold a series of roadshows for institutional investors. The issuer and the company plan to use the net proceeds from the proposed note issuance to repay existing debts and for general corporate purposes. The notes have received preliminary approval for listing and quotation on the Hong Kong Stock Exchange.