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Clifford Chance advises on Haier's perpetual securities and exchangeable bonds

23 November 2017

Clifford Chance advises on Haier's perpetual securities and exchangeable bonds

Leading international law firm Clifford Chance advised on Haier Group's two high profile transactions in the debt capital markets. The first was for Well Hope Development Limited on the issuance of US$1 billion 3.875% senior guaranteed perpetual capital securities unconditionally and irrevocably guaranteed by Haier Group Corporation. The second was for Harvest International Company on the issuance of US$1.03 billion (HK$8 billion) zero coupon guaranteed exchangeable bonds due 2022 exchangeable into ordinary shares of Haier Electronics Group Co., Ltd. The exchangeable bonds are guaranteed by Qingdao Haier Co., Ltd. and Haier Shareholdings (Hong Kong) Limited.

The team involved on both transactions comprised partners Connie Heng, Angela Chan and David Tsai. They were supported by associates Torrance Shi, Datong Wang, and paralegal Ren Yan.
Connie Heng, Head of Capital Markets for Asia Pacific said, "Our team was very pleased to assist on these successful issuances for Haier. These two transactions reflect the increased sophistication of Chinese issuers, such as Haier, in using more structured and complex capital products in their fund raising in the international capital markets."

Haier Group is one of the world's leading brands of consumer electronics and major household appliances headquartered in Qingdao, Shandong province, China.