King & Wood Mallesons (KWM) advised Sino Biopharmaceutical (Sino Biopharm) on its first-time issuance of €750 million (US$812.6 million) zero-coupon convertible bonds to fund its research and development, and the construction of more manufacturing facilities.
The convertible bonds, due 2025, were listed on Hong Kong Stock Exchange (HKEX). The bonds’ initial conversion price was HK$19.90 per share, a nearly 58% premium over the stock’s last closing price of HK$12.12.
The Hong Kong-based company is a research and development-driven pharmaceutical conglomerate in China, and was selected as a constituent stock of the Hang Seng Index in 2018, and a constituent stock of the Hang Seng China Enterprises Index in 2019.
KWM acted for Sino Biopharm in respect to Hong Kong, English and PRC laws. The team was led by Hong Kong partners Ng Ching-wo, Sheldon Tse, Richard Mazzochi and Shanghai partner Liu Dongya. In addition, the team was supported by counsel Ian Hardee and Sheryl Cheung, senior associate Eric Lo, and associates Stefy Tong, Christine Lau, Katherine Yang, Evangeline Chee and Wang Xiaowei.
Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation, UBS AG Hong Kong Branch, J.P. Morgan Securities and Goldman Sachs (Asia) were the joint global coordinators, joint bookrunners and joint lead managers of the transaction.