In June 2025, the lawyers of Beijing King&Capital (Shanghai) Law Firm assisted the Shanghai Municipal People's Government to successfully issue the second batch of 2025 Shanghai Municipal Government Special Bonds by virtue of their professional legal services. The special bonds are book-entry fixed-rate interest-paying bonds, all of which are new bonds, and the credit rating of the special bonds is AAA after comprehensive evaluation.

The special bonds issued by King&Capital Shanghai include three projects:

1

Baoshan District Wusong Start-up Area “core island” land reserve project: to apply for bond funds of 6.4 billion yuan, term of 7 years;

2

Baoshan District Wusong Innovation City Baowu Land Reserve Project: to apply for bond funds of 254 million yuan, with a term of 7 years;

3

Baoshan District Cruise Yangtze River Belt Key Project: bond funds of RMB189 million to be applied for, with a term of 5 years.

The Shanghai Municipal People's Government acts as the issuer of the special bonds. The project authorities are Shanghai Municipal Planning and Natural Resources Bureau, Shanghai Baoshan District Planning and Natural Resources Bureau and Shanghai Baoshan District Finance Bureau. The project implementation units are Shanghai Land Reserve Center and Shanghai Baoshan District Land Reserve Center.

The legal services were provided by partner Zhou Fuyi and associate Zou Qinyu of King&Capital's Shanghai office. The services included a comprehensive review of the issuance documents of the special bonds and compliance review, and the issuance of a professional legal opinion in accordance with the law, which provided solid legal protection for the successful issuance of the bonds.