DLA Piper has advised its long-standing client Ping An Insurance (Group) Company of China, Ltd. (Ping An) on its successful issuance of HKD11.765 billion (approximately USD1.53 billion) in convertible bonds. This deal is the biggest convertible bond issuance denominated in US dollars or Hong Kong dollars by a Chinese company this year.
Ping An is one of the largest and most innovative insurance and financial services companies in the world. These convertible bonds, which are due in 2030, carry a zero coupon, and will be listed on the Open Market of the Frankfurt Stock Exchange and convertible into the H shares listed in Hong Kong. The proceeds from this issuance will be used to further develop Ping An’s core business and strengthen its capital position, support new strategic initiatives in the healthcare and elderly care sectors, and for general corporate purposes.
The deal follows DLA Piper’s earlier advisory role in Ping An’s landmark USD3.5 billion convertible bonds issuance in July 2024, which set multiple records as the largest Reg-S-only convertible bond, the largest convertible bond in the insurance sector, and the first offshore convertible bond ever issued by a Chinese insurance company. The deal was recognized as “Deal of the Year” by China Business Law Journal. Together, these deals highlight Ping An’s agility in leveraging diverse funding avenues and DLA Piper’s expertise in advising complex, record-setting transactions.
The DLA Piper team was led by Roy Chan, Senior Partner and Co-Country Managing Partner in China; Philip Lee, Head of Capital Markets, Asia Pacific and Regional Head of DLA Piper’s Financial Services sector in Asia; and Vivian Liu, Head of Capital Market Compliance for Greater China. They were supported by senior associates Yingshi Pan and Le Jing Ong and consultants Daina Wang and Ivy Zou.
Roy Chan commented: “We are delighted to have supported Ping An on another significant transaction. This issuance not only underscores Ping An’s strong market position but also highlights the growing importance of convertible bonds as a financing tool for leading companies in the region.”
Vivian Liu added: “Our cross-border team worked seamlessly to ensure the successful execution of this complex transaction, demonstrating our firm’s capability to handle high-profile deals across multiple jurisdictions.”
Philip Lee stated: “This transaction reflects our commitment to providing top-tier legal services to our clients in the financial sector. We look forward to continuing our support for Ping An as they pursue their strategic objectives.”