Linklaters has advised the joint lead managers on Midea Group’s approximately HK$17.2bn (approximately US$2.2bn) dual-tranche convertible bond issuance, the largest convertible bond issuance out of Greater China region in 2026 so far.
The transaction comprises HK$8,624m zero-coupon convertible bonds due 2027 and HK$8,624m zero-coupon convertible bonds due 2033.
The Linklaters team was led by capital markets partner Taiki Ki, with support from Jun Tang and Calvin Cheng.
Capital markets partner Taiki Ki commented,
“We are delighted to have advised on this significant transaction. This issuance reflects the continued momentum of jumbo equity-linked issuances from issuers in the Asia-Pacific region, and follows a strong first quarter, with many first-time issuers taking advantage of strong investor interest in the product, flexibility in terms of structuring and favourable market sentiment to secure low-cost financing, with zero-coupon financing accounting for a significant portion of issuances.”
With over 50 years’ on-the-ground presence in Hong Kong SAR and across Asia, Linklaters provides clients with high-quality, comprehensive legal support across international capital markets transactions. The firm continues to be at the forefront of equity-linked transactions in the region, having advised on over US$13.5bn in issuances in 2026 alone, including Zijin Mining, China Hongqiao Group, CMOC Group and Huatai Securities, as well as major Australian convertible note offerings.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
