Huawei Investment Holdings Co., Ltd. (hereinafter referred to as Huawei) is planning to issue two medium-term notes of RMB 6 billion in the inter-bank market, each with a scale of RMB 3 billion and a term of three years; The rating agencies of the two phases are joint credit rating, and the long-term credit rating and debt rating of the main body are AAA.

the lead underwriter of the first phase is ICBC, and the lead underwriter of the second phase is China Construction Bank. The funds raised by the 6 billion yuan winning bid are all used to supplement the working capital of the company's headquarters and its subsidiaries.

For Huawei's upcoming winning bid, there have been people in the bond circle shouting "I don't know how much coupon rate is higher than the national debt, but I expect the strongest multiple in history", and similar voices are endless.

Huawei was praised by rating agencies, and its external environment became a hidden worry

Huawei's bonds payable increased year by year, with an average compound annual growth rate of 21.81%, reaching 3.667 billion yuan by the end of 218, up 5.22% year-on-year. According to the letters from ICBC and CCB on recommending Huawei to issue the winning tickets, the maximum size of the winning tickets that Huawei can register is 3 billion yuan (ICBC recommends that it register and issue no more than 2 billion yuan, and CCB recommends that it register and issue 1 billion yuan).

Lianhe Credit defines Huawei as a "global leading provider of information and communication technology infrastructure and intelligent terminals, with 1% employees holding shares", and its business risk evaluation result is A(***A to F), with the evaluation factors including business environment, basic quality, enterprise management and business analysis all in Grade 1; The financial risk evaluation result is F1(***F1-F7 seven grades), and the evaluation factors, such as asset quality, capital structure, profitability, cash flow and solvency, are also in the first grade.

Similarly, due to the changeable international political and economic environment, escalating trade barrier friction and intensified foreign exchange market fluctuation since this year, Lianhe Credit also pointed out that the global layout of Huawei's assets and business is uncertain and difficult to manage. At the same time, Huawei faces a number of criminal charges filed by the US Department of Justice, and there are negative expectations that the litigation period is long and the litigation result may be unfavorable.

In addition, Lianhe Credit also pointed out that Huawei's R&D expenses, depreciation and amortization and other rigid costs continue to be on a large scale. If the future performance growth is not as expected, the profit growth will be under pressure.

The reporter inquired about Huawei's semi-annual report for 219. Huawei's liquidity is good, and the monetary funds under the current assets in its consolidated balance sheet reached 249.731 billion yuan as of the end of June. By the end of the first half of 219, Huawei's net assets and total assets were 245.487 billion yuan and 75.716 billion yuan respectively. In the first half of this year, Huawei's revenue reached 396.538 billion yuan, and the net profit attributable to the parent company reached 34.883 billion yuan.