T&C Assisted Zhejiang Expressway Co., Ltd. Issued H-Share Convertible Bonds
2021-02-01 22:22:33

Recently, Zhejiang Expressway Co., Ltd. successfully issued EUR  230 million (equivalent to HKD 2.19 billion) of 5-year zero-coupon convertible bonds in the Hong Kong market. The convertible bond is the first offshore convertible bond issued globally in 2021 and set a record of the highest initial conversion premium since 2017 for H-share convertible bonds as well as offshore convertible bonds of Chinese state-owned enterprises.

Zhejiang Expressway Co., Ltd. was established in March 1997 and listed on the main board of the Hong Kong Stock Exchange in May of the same year with stock code 0576. It is the first provincial state-owned enterprise in Zhejiang Province to complete an non-mainland listing. The company is mainly engaged in high-grade highway investment, development and operation.

T&C acted as the issuer's domestic legal counsel in this project. The project was handled by partners Liu Bin and Yu Xiaoyu, and associate Wu Bingge. T&C participated in all stages of work including the preparation, filing and approval of the offering, and provided comprehensive and high-quality legal services.