Shenzhen Expressway Company Limited (00548) and BAY AREA DEV (00737) announced jointly that the China Securities Regulatory Commission has recently approved BAY AREA DEV's registration application for the public issuance of corporate bonds (Panda bonds) with a total face value not exceeding RMB 2 billion to professional investors in mainland China. Within the 24-month validity period from the date of CSRC approval, BAY AREA DEV may issue the Panda bonds in tranches. The timing of bond issuance, issuance scale, and other issuance terms will be determined based on market conditions, while the coupon rate will be determined according to the bookbuilding results of the lead underwriters. The Panda bonds are planned to be listed on the Shenzhen Stock Exchange.