Sidley represented the underwriters in the offering of HK$2.341 billion (approximately US$300 million) of 3.95% convertible bonds due in 2030 by China Ruyi Holding Limited (China Ruyi, Company, HKEX: 136). The bonds may be converted into Conversion Shares pursuant to Regulation S. Underwriters included CLSA Limited, Deutsche Bank AG, Hong Kong Branch, Goldman Sachs (Asia) L.L.C., Macquarie Capital Limited, and Merrill Lynch (Asia Pacific) Limited.
This is China Ruyi’s first offshore debt offering transaction, which has been successfully completed within a challenging time frame. China Ruyi is a leading media and gaming company which engages in investment, production and distribution of films, television series and online games. It also operates its own online streaming platform.
The Sidley team was led by partners Christopher Cheng and Carrie Li. Other team members included counsel Leonard Lou, senior managing associates Congsi Wu and Selina Wong, associate Jay Jing, and senior legal assistant Kristine Zhang.
Sidley has been ranked in Band 1 in debt capital markets category by Chambers Greater China Region for 14 consecutive years. The firm was also named Securities Firm of the Year at Law.com International’s Asia Legal Awards 2024. Its capital markets practice has received a number of accolades and rankings in Asia including IFLR APAC Awards, Debtwire, China Business Law Journal, Legal 500 APAC, FinanceAsia and The Asset.
