Linklaters acted as legal counsel to the joint global coordinators and joint lead managers on the HK$15.56bn (approximately US$2bn) convertible bond offering by China Pacific Insurance (Group) Company (CPIC). The bonds, issued on 10 September 2025, are listed on the Hong Kong Stock Exchange.
This transaction marks the largest zero-coupon Hong Kong dollar convertible bond issuance in history, and it is the first Hong Kong dollar convertible bond with a negative yield in nearly 20 years.
Further highlights:
- This is the first offshore convertible bond issued by a state-owned financial institution listed both domestically and overseas, and – so far in 2025 – the largest overseas refinancing project in the Asia-Pacific financial institutions sector.
- The bonds were offered to professional investors outside the United States in accordance with Regulation S under the US Securities Act, highlighting the continuing internationalisation of Chinese issuers and strong investor demand for hybrid equity instruments.
- The proceeds will support CPIC’s further development in insurance business, implementation of strategic development initiatives in health services and elderly care, artificial intelligence, and internationalisation.
The Linklaters team was led by Hong Kong-based corporate partner John Xu and capital markets partner Taiki Ki, supported by solicitor Jun Tang.
Linklaters continues to lead in high-profile equity-linked transactions in Asia Pacific, advising on several landmark deals in recent years, including some of the largest exchangeable and convertible bond offerings by Chinese issuers and complex concurrent share repurchase structures.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading companies, financial institutions and governments on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate constantly evolving markets and regulatory environments, pursuing opportunities and managing risk worldwide. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world. Our 3,100 + lawyers, located across 31 offices in 21 countries, specialise in industry sectors as well as practice areas across three divisions: Corporate; Litigation, Arbitration and Investigations; and Finance.
