2024.09.05
In July 2024, Ping An Insurance (Group) Company of China, Ltd. (“Ping An Group”) issued USD3.5 billion offshore convertible bonds (the “Transaction”). This was the largest Regulation S convertible bond issuance, the largest convertible bond issuance by an insurer, and the first offshore convertible bond issuance by a Chinese insurer. The proceeds raised from the Transaction will be used to meet Ping An Group's finance-focused business development needs, replenish its capital, and support the development of its healthcare and elderly care businesses and other general corporate purposes. Morgan Stanley and J.P. Morgan acted as the global coordinator and bookrunner (the “Underwriters”) in the Transaction.
JunHe acted as the PRC counsel to the Underwriters. We provided high-quality, rigorous and efficient services, including conducting PRC legal due diligence and issuing PRC legal opinions. We assisted the issuer and the Underwriters in analyzing the internal and external approval procedures for the bond issue, reviewed the transaction documents based on PRC laws, assisted in obtaining NDRC’s approval and registration for issuing the foreign debt and verified the filings made with the CSRC. JunHe was recognized and trusted by the issuer, the Underwriters and the other intermediaries for our detail-oriented and professional services.
Partner YU, Yongqiang (YY) led the JunHe team with support from partner DENG, Lin for the internal control.
