Skadden advised long-standing client Baidu, Inc., a leading AI company with a strong Internet foundation, on its US$2 billion offering of zero coupon exchangeable bonds due 2032 (the “Bonds”). The transaction was completed on March 12, 2025.
Holders of the Bonds may exchange the Bonds into cash only upon the satisfaction of certain contingencies. Subject to certain conditions, Baidu may elect to deliver ordinary shares of Trip.com Group Limited that are listed on the Hong Kong Stock Exchange (“Trip.com Shares”) held by Baidu in lieu of cash or a combination of cash and Trip.com Shares.
The Bonds were listed on the Open Market segment of the Frankfurt Stock Exchange.
The Skadden team was led by Corporate Partners Shu Du, Jonathan Stone and Paloma Wang, with Counsels Kenneth Chase and Lillian Lian, Associates Derek Li, Emma Xu and Ares Yiu, and European Counsel Lukas Greilich.
