Skadden advised Meituan, China’s leading e-commerce platform for services, in its offering of US$3 billion zero-coupon convertible bonds and a concurrent top-up placement of 187 million shares on the Hong Kong Stock Exchange. The shares are offered for a total placement value of HK$51.2 billion (US$6.6 billion).
Ashurst represented Far East Consortium International, an international property investment company, on the subscription to HK$129.5 million convertible bonds issued by Apex Centric, a wholly owned subsidiary of Hong Kong beauty and lifestyle products retailer, Bonjour.
The five-year bonds are convertible into shares of Bonjour, which represent 16.65% of the group’s enlarged issued share capital. This is the first convertible bond offering by the company.