Linklaters advises on Kuaishou’s inaugural US$2bn Rule 144A and Reg S offshore note offering

Linklaters advised the joint lead managers on Kuaishou Technology’s (Kuaishou) debut Rule 144A and Reg S offshore note offering, with an aggregate principal amount of approximately US$2bn equivalent.

Kuaishou is a leading global content community and social platform. Powered by cutting-edge artificial intelligence, and close partnerships with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

The offering comprised approximately US$2bn equivalent of notes, including US$1.5bn across 5 year and 10 year tranches issued under Rule 144A/Regulation S, and a RMB3.5bn 5 year tranche issued under Regulation S. All three tranches of the notes are listed on the Hong Kong Stock Exchange.

The issuance attracted strong demand from a broad base of institutional investors across Asia and other regions, including banks and other financial institutions, asset managers and sovereign wealth funds, reflecting the international market’s confidence in Kuaishou’s credit profile and long-term growth strategy.

The Linklaters team was led by Head of Greater China ECM and partner Christine Xu, capital markets partner Min Fang, counsel Christian Felton and senior associate Shuopeng Yin. A separate Linklaters team led by counsel Beibei Ding acted as the trustee counsel. Litigation, arbitration & investigations team led by counsel Michael Lamson and US tax team led by counsel Omer Harel provided specialist support.

Linklaters is committed to supporting the continued growth of China’s internet and technology companies. With over 50 years’ experience in Hong Kong SAR and across Asia, and drawing on the strength of its fully integrated global platform, the firm is dedicated to providing clients with high quality, comprehensive legal support in their international capital markets transactions through its cross-border expertise, seamless collaboration across practices, and consistent quality across jurisdictions.