Katrina Ip and Jacinto Wong were invited to the listing ceremony of bonds issuance of the Huafa Group on the 13th of December. As the Macau Counsel to the Issuer, our partner Tirso Olazabal leads the team on advising through the process of registration, custody and clearing of bonds, and lastly issuing Initial Public Offering ("IPO") Bonds in Macau. The issue size is $200 million dollars with 3.7% coupon rate and over-subscription of 3.65 times. This also lights the way for the companies world-wide to issue IPO Bonds in Macau.