22 January, 2020
Davis Polk advised China ZhengTong Auto Services Holdings Limited on its $160 million Regulation S offering of 12% guaranteed senior notes due 2022. The notes were guaranteed by certain of ZhengTong’s subsidiaries.
ZhengTong (1728.HK) is a leading 4S dealership group in China with a diversified brand portfolio covering 20 popular automobile brands, in particular luxury and ultra-luxury brands. It has a total of 141 automobile dealership stores covering 41 cities across 17 provinces and municipalities across China in both large and established automobile markets of the affluent regions of China such as Beijing, Tianjin, Shanghai and Guangdong, as well as the rapidly developing inland regions such as Hubei, Hunan, Jiangxi and Inner Mongolia.
The Davis Polk corporate team included partners Gerhard Radtke and Yang Chu, counsel Bingqing Pan, registered foreign lawyers I. Danni Lin, Moran Zhang and Qi Zhang and associates Lydia Leung and Cathy Yuen. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team were based in the Hong Kong and London offices.
