Linklaters advises on the largest offshore convertible bond issuance by a Chinese issuer this year

Linklaters advised the sole global coordinator on the issuance of HK$11.765bn (approx. US$1.5bn) convertible bonds by Ping An Insurance (Group) Company of China, Ltd. (Ping An Insurance). The bonds are listed on the Frankfurt Stock Exchange and represent the largest convertible bond issuance denominated in US dollars or Hong Kong dollars by a Chinese company this year. 

The proceeds from the issuance will be used to further develop the group’s core business and strengthen the group’s capital position, support the group’s new strategic initiatives in the healthcare and elderly care sectors and for general corporate purposes. 

This issuance follows a US$3.5bn convertible bond issuance in 2024 by Ping An Insurance which Linklaters advised the joint lead managers on and was at the time the largest-ever Reg S only convertible bond and the largest ever convertible bond in the insurance sector. 

The Linklaters team was led by capital markets partner Taiki Ki, with support from solicitor Jun Tang.

Linklaters is a leader in equity capital markets transactions and continues to involve in the largest and most high-profile equity-linked transactions in the Asia Pacific region, including recently advising on one of the largest exchangeable bonds by a Chinese issuer in recent years and landmark convertible bond and concurrent share repurchase.