COVID-19 bond issuance
Linklaters advised the Agricultural Development Bank of China (ADBC) on the issuance of the first dim sum bonds issued to raise funds to help combat the COVID-19 outbreak.
The policy bank raised RMB1.5 billion (US$320 million) from the 3.4% five-year dim sum bonds due 2024. The bonds will be consolidated into, and form a single series with, the RMB3 billion 3.4% five-year bonds issued on 6 November 2019.
Clifford Chance advised the joint global co-ordinators, joint bookrunners and joint lead managers on the offering.
This issuance marks the first RMB-denominated bond issued in the overseas capital markets since the Lunar New Year. The proceeds from the bond issue will be used to finance the policy bank’s rural revitalization strategy and support China’s fight against the COVID-19 outbreak.
Linklaters’ capital markets partner and head of China, William Liu, led the transaction.
Clifford Chance partner Mark Chan led the firm’s team, with support from partner David Tsai, senior associate Nathan Wong and associate Nicoll Gnoh.
Baker McKenzie is advising AVIC International Holding Corporation (AVIC International) on its proposed privatization and delisting of AVIC International Holdings. The privatization comprises a voluntary H-share general offer followed by a merger by absorption of the target. The H-share offer became unconditional in all respects on 6 March 2020.
AVIC International, the offeror of the H-share offer, is a state-owned enterprise and also the controlling shareholder of AVIC International Holdings.
This deal is the second privatization of an H share-listed company that has become unconditional in the market, and the first involving a voluntary general offer and a merger by absorption since the amendments to the Hong Kong Takeovers Code having come into effect from July 2018.
The Baker McKenzie team is led by partners Christina Lee (Hong Kong) and Wang Hang (Beijing).
Latham & Watkins and Maples Group acted as counsel to Kuaishou Technology on its US$3 billion series F fundraise led by Tencent along with Singaporean state-backed Temasek Group, Boyu Capital, YF Capital and Sequoia Capital.
Latham & Watkins advised the company on Hong Kong law and Maples was the Cayman Islands counsel. Kuaishou Technology’s platform allows users to share snippets of their everyday lives through short videos and live-streaming.
Viva issues bonds
Viva Biotech Holdings, a company listed on the Hong Kong Stock Exchange, issued US$180 million 2.5% guaranteed convertible bonds due 2025 by Viva Incubator Investment Management. The offering is guaranteed by Viva Biotech and closed on 11 February 2020.
Sidley Austin and JunHe acted as the issuer’s Hong Kong and PRC counsel, respectively. Maples Group acted as Cayman Islands legal counsel to Viva Biotech.
Viva Biotech operates a leading structure-based, integrated drug discovery platform and provides structure-based drug discovery services to their biotechnology and pharmaceutical customers worldwide for pre-clinical-stage drug development.