On April 29, 2020, Shanghai Yingdong Law Firm assisted Xinzheng New District Development Investment Company to successfully issue the first phase of 2020 targeted debt financing instruments (abbreviated as "20 Xinzheng Investment PPN001). A total RMB 1 billion of PPN has been issued, with a 3+2 year term, at AA+ credit rating and 4.25 interest rate (record-low financing cost for the issuer's). The lead underwriter and bookkeeping manager was Everbright Securities, with Bank of Communications as the co-lead underwriter.

Xinzheng Development Investment Company was established in 2009 as a wholly state-owned limited liability company solely funded by the Xinzheng Municipal People’s Government of Zhengzhou City, with a registered capital of RMB 450 million. The company’s main businesses are financing, constructing, operating and managing urban infrastructure and municipal utility projects, as well as land consolidation & development, investment consulting for real estate and landscaping.

Liu Bo (senior partner), Fu Tingluan (consultant) and Huang Xiaofang (lawyer) formed a team to serve this project, including conducting legal due diligence on Xinzheng Development Investment Company, providing legal opinions and relevant legal advice.