According to the bank document, Shandong Weigao Group Medical Polymer Company Limited (“Weigao”, or the “Company”), a Chinese medical consumable company listed on the Hong Kong Stock Exchange, is planning to invest in several green capital expenditure projects along its manufacturing process, which will include energy and water efficiency as well as pollution reduction measures (the “Project”). Weigao is organized into three operating divisions:
(i) Single-use consumables (infusion set, syringes, medical needles, blood bags, pre-filling syringes, blood sampling products),
(ii) orthopedic products, and
(iii) interventional products. Weigao’s manufacturing operations are situated mainly in Weihai, Shandong Province, and in Qionglai, Sichuan Province. Weigao also has a number of other subsidiaries in the group, viz.: Weigao Medical Device; Weigao Orthopedic and Argon Medical (in the United States).
IFC is considering an investment in Weigao through a long-term green bond of RMB 1 billion (approx. US$142 million equivalent) for implementation of resource efficiency and environmental protection measures, such as power optimization with retrofit transformers, wastewater recycling plant and electron beam sterilization (thereby replacing ethylene oxide) across its manufacturing operations (the “project”).
Weigao’s manufacturing operations are situated mainly in Weihai, Shandong Province, and in Qionglai, Sichuan Province.
The Project cost is expected to be RMB 2.34 billion (approximately US$328 million), which will be partly financed by Weigao’s first green bond issuance. IFC has been invited to be the sole subscriber of the proposed green bond of up to RMB 1 billion (approximately US$142 million).
Weigao Holding Company Limited (“Weigao Holding”, or the “Sponsor”), headquartered in Weihai, Shandong province, is a private company that engages in a number of businesses including pharmaceutical.
Weigao is 50.2% owned by Weigao Holding with the remaining 49.8% owned by public shareholders.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Shandong Weigao Group Medical Polymer Company Limited||Client||-|
|-||-||-||-||Weigao Holding Company Limited||Parent Company||-|
1/ Local Contact
Shandong Weigao Group Medical Polymer Co.,Ltd.
Contact: Phyllis Chan
Head of Business Development
Phone: +852 2838 1868
Address: Suite 801, 8th Floor, Chinachem Century Tower, 178 Gloucester Road, Wanchai, Hong Kong SAR, China
2/ The IFC Contact
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
3/ Local Access for Project Document
18 Xingshan Road
Weihai Torch Hi-tech Science Park
Weihai, Shandong Province
People’s Republic of China
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/