Linklaters advises on Alibaba’s US$1.53bn zero-coupon exchangeable bond issuance

Linklaters acted as the joint lead managers’ international counsel for Alibaba Group Holding Limited (Alibaba)’s HK$12.023bn (US$1.53bn) issuance of zero-coupon exchangeable bonds due 2032.

The bonds are exchangeable into ordinary shares of Alibaba Health Information Technology Limited (Alibaba Health), a consolidated subsidiary of Alibaba listed on the Hong Kong Stock Exchange. The net proceeds will be used for general corporate purposes, including investments to support the development of Alibaba’s cloud infrastructure and international commerce businesses. The bonds are expected to be listed on the Vienna MTF.

The cross-practice Linklaters team was led by Special Senior Adviser and New Economy Team Leader (Greater China) Oliver Zhong; capital markets partners Taiki Ki and Min Fang and counsel Christian Felton; structured finance and derivatives partner Stephen Song; as well as partner and Head of Greater China ECM Christine Xu and counsel Queenie Tong, supported by solicitors Tang Jun, Florence Sit and Chris Wang and associate Qingke Shen.

This transaction continues the recent trend of sizeable equity-linked activity in the Asia Pacific region, reflecting sustained market interest in recent months. Linklaters has a stellar track record in this area, having recently advised on many of the most high-profile and complex deals for established enterprises across the region.