Clifford Chance

Clifford Chance advises CRCC on first H-share convertible bond since 2007

Leading international law firm Clifford Chance has advised China Railway Construction Corporation Limited (CRCC) on its US$500 million H-share convertible bond. This is the first H-share convertible since Sinopec's $1.5 billion deal in 2007, and the first since China's National Development and Reform Commission (NDRC) revised its set of debt issuance rules in September last year.

Partner Connie Heng led on the deal and said, "We were very pleased to advise on this landmark offering. We expect this deal to lead to a greater number of H-share issuers seeking to access a new source of funding in the international capital markets." 

The deal required the compliance and approval of a number of onshore regulators and CRCC's shareholders, along with A-share and H-share listing rule compliance.

Connie was supported by partners Tim Wang and TieCheng Yang. They were assisted by consultant David Tsai and senior associate Yufei Liao.