Hong Kong and Bosideng Complete USD35 Million Sustainability-Linked Loan
, fromDBS Group Holdings Ltd
DBS Bank (Hong Kong) Limited is pleased to announce the signing of the USD35 million sustainability-linked loan for Bosideng International Holdings Limited, a globally leading Chinese down apparel retailer. This marks the first sustainability-linked loan for Bosideng as well as the largest loan of its kind in Asia.
As a prominent down jacket expert for 46 years, Bosideng is well known by consumers. It is also a forerunner in sustainable fashion with an MSCI corporate ESG rating of BBB.
The bilateral loan from DBS Hong Kong provides working capital for the ongoing operations of Bosideng subject to the fulfilment of responsible procurement KPIs during the one-year tenor.
Under the loan agreement, Bosideng will obtain Responsible Down Standard (RDS) certification for at least 95% of its down apparel. The RDS is set by the global non-profit organisation Textile Exchange and the company Control Union Certifications, which work closely with all sectors of the textile supply chain.
Gao Dekang, Chairman and President of Bosideng International Holdings Limited, stated:
"As a responsible company, Bosideng will take active steps towards the implementation of China's 'Dual Carbon' goals and sustainable development. We will work with all parties to continue on our path of sustainable growth and green development of the supply chain to achieve a sustainable low-carbon future."
Mr. Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, added:
"DBS Hong Kong has long championed sustainability-linked financing as a means of advancing the responsible business goals of our clients. We are proud to support Bosideng as it achieves a new milestone in its sustainable journey."
Source: Market Screener