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Deal highlights – China Business Law Journal May 2020 – Vantage Asia


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Xiaomi issuance

Xiaomi Corporation’s (guarantor) wholly-owned subsidiary, Xiaomi Best Time International (issuer) issued US$600 million in 3.375% senior notes due 2030. The issuance closed on 29 April 2020. The notes are listed on the Hong Kong Stock Exchange and will be guaranteed by Xiaomi unconditionally and irrevocably.

Skadden acted as the US and Hong Kong legal counsel to the issuer, while Allen & Overy acted as US counsel to the initial purchasers (including Goldman Sachs (Asia), JP Morgan and Morgan Stanley). Maples Group acted as Cayman Islands legal counsel to the guarantor.

Baidu issued an aggregate of US$600 million notes due 2025, and US$400 million notes due 2030. The issuance was closed on 7 April 2020.

Skadden and Han Kun Law Offices acted for issuer as the US and PRC legal counsel, respectively.

Maples Group acted as Cayman Islands and British Virgin Islands counsel to the issuer. Davis Polk and Jingtian & Gongcheng acted as US legal counsel, respectively, to the underwriters, Goldman Sachs and Bank of America Securities.

Pinduoduo’s private placement

Skadden advised Pinduoduo, a technology platform and leading Chinese e-commerce player, on its US$1.1 billion private placement of class A common shares to certain long-term investors. Davis Polk advised on Tencent’s purchase of about US$50 million of class A ordinary shares in cash in the private placement.

Tencent has been one of the principal shareholders in Pinduoduo since February 2017. After the investment, Tencent holds about 16.5% of Pinduoduo’s total outstanding shares.

The Skadden team was led by partner Julie Gao, and the Davis Polk team was led by partner Miranda So.

V&T completes shelf registration

V&T Law Firm has completed shelf registration for Beijing Capital Agribusiness & Foods Group (CAG) corporate bonds. The Shanghai Stock Exchange issued a letter to CAG to certify that the group satisfies the conditions of a high-quality issuer. The China Securities Regulatory Commission then approved CAG’s application for the shelf registration of corporate bonds for up to RMB10 billion (US$1.4 billion).

According to V&T, CAG’s shelf registration of corporate bonds was in the first batch of such bonds accepted by the Shanghai Stock Exchange since the corporate bond registration system was implemented on 1 March 2020, and it was also the first corporate bond project for which a Beijing municipal state-owned enterprise has applied.

Xue Lian, a partner in V&T’s Beijing office, led a team consisting of Liu Fang and trainee Wang Zhiheng to assist on the project.

Binance acquires CoinMarketCap

Paul Hastings advised Binance on its agreement to acquire CoinMarketCap. Paul Hastings’ team was led by corporate partners Meagan Olsen in Los Angeles and David Wang in Shanghai.

Binance is a global blockchain company behind large digital asset exchange by trading volume and users. CoinMarketCap operates a global referenced price-tracking website for crypto assets in the cryptocurrency space.





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