DLA Piper, Haiwen & Partners, Linklaters and JunHe have assisted in China’s Ping An Insurance’s issuance of USD3.5 billion in H-share convertible bonds – the largest of its kind to date under Regulation S of the US Securities Act.
The Hong Kong-listed company is the first China insurer to issue convertible bonds in overseas markets, with coupons set at 0.875% and due in 2029.
DLA Piper served as Ping An Insurance’s Hong Kong and UK legal counsel, with the team led by Roy Chan, co-country managing partner, Philip Lee, head of the financial services sector, and Vivian Liu, the firm’s head of capital markets compliance.
Partners Hu Ji, Ma Chenling and Qian Zhen led the Haiwen & Partners team advising Ping An Insurance on PRC law. They represented the client in registering with the National Development and Reform Commission.
JunHe acted as the underwriters’ PRC counsel, while Linklaters counselled on English and Hong Kong law. Singapore managing partner Jonathan Horan, and partners Stephen Song, Ki Taiki, Victor Wan and Donnelly Chan led the Linklaters team.
Under Regulation S of the Securities Act of 1933, companies from various countries are allowed to issue securities outside the US without registering with the US Securities and Exchange Commission.