n May 20, China Petrochemical Corporation (“Sinopec Group”) successfully issued HKD 7.75 billion exchangeable bonds in Hong Kong. This was one of the largest exchangeable bond issuances by a Chinese issuer in recent years.
The exchangeable bonds were issued by Deep Development 2025 Limited, a wholly-owned overseas subsidiary of Sinopec Group, with Sinopec Group as the guarantor. The underlying stock was the H-shares of China Petroleum & Chemical Corporation (600028.SH / 0386.HK). The 7-year bonds were issued at a conversion price of HKD 6 per share and were well received by investors.
As the domestic legal counsel to the sole lead manager, JunHe conducted PRC legal due diligence, issued PRC legal opinions, reviewed the transaction documents, and assisted with the domestic regulatory approvals and filings. JunHe's efforts contributed to the successful issuance of the HKD 7.75 billion exchangeable bonds by Sinopec Group in Hong Kong, showcasing our extensive experience in overseas bond issuance. With its consistent delivery of efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was recognized and trusted by the company and the other intermediaries.
JunHe partners ZHANG, Ying and SUN, Fengmin led the team on this project. DONG, Shijia was responsible for the specific work and partner DENG, Lin provided support for the internal control matters.