Clifford Chance

Clifford Chance advises iDreamSky Technology on its concurrent repurchase of existing convertible bonds, issuance of new convertible bonds, and placement of new shares

Leading international law firm Clifford Chance has advised digital entertainment company iDreamSky Technology Holdings Ltd (iDreamSky) on its concurrent repurchase of HK$775 million 3.125% guaranteed convertible bonds due 2025, issuance of HK$386 million 5% convertible bonds due 2028, and placing of 164,177,200 new shares.

Lead partner David Tsai said, “We are delighted to advise iDreamSky on these complex debt and equity capital markets transactions. Getting all three concurrent deals across the line required our cross-practice team to seamlessly advise our client on debt and equity securities, listing rules and other relevant regulations.”

Clifford Chance advised on all aspects of the triplicate deal for iDreamSky:

• Advising on the convertible bonds repurchase and issuance aspects: Hong Kong counsel Nicholas Mai, associate Michael Cheng and trainee Francis Tang
• Advising on the new shares placement aspects: Beijing counsel Airun Wang and legal analyst Ji Tang

Shenzhen-headquartered iDreamSky is a leading digital entertainment company in China. It designs, develops, and distributes games for mobile, consoles, PC, and tablets, as well as offering other digital entertainment services, such as e-sports, comics and videos.

Clifford Chance previously advised iDreamSky on its IPO and listing on the Hong Kong Stock Exchange in 2018.