China Shipbuilding Industry Corporation’s US$1 billion bonds exchangeable into shares of Postal Savings Bank of China

Herbert Smith Freehills has advised state-owned China Shipbuilding Industry Corporation (CSIC) on the issue of US$1 billion bonds exchangeable into shares of Hong Kong- listed Postal Savings Bank of China (PSBC).

The zero coupon exchangeable bonds due 2025 are supported by a securities lending agreement and a keepwell deed, and will be listed on the Frankfurt Stock Exchange. It marks CSIC’s first public transaction into the overseas capital markets.

CSIC is one of the largest state-owned shipbuilding and ship repairing companies in China, with state authorisation for investment and capital management. Its products are exported to more than 60 countries and regions around the world.

William Ku (picture) led the team advising CSIC, supported by senior associate George Wu, associates Marcus Wong and Sarah Shen, trainee solicitor Henry Zhang, and paralegals Jeffrey Lee and Stephanie Ko.

Finance partners Nick May in London and partner Alexander Aitken in Hong Kong also provided additional support with assistance from senior associate Ellen Mao and associate Lawrence Li.

 

Involved fees earner: William Ku – Herbert Smith Freehills; George Wu – Herbert Smith Freehills; Marcus Wong – Herbert Smith Freehills; Sarah Shen – Herbert Smith Freehills; Henry Zhang – Herbert Smith Freehills; Nick May – Herbert Smith Freehills; Alexander Aitken – Herbert Smith Freehills; Ellen Mao – Herbert Smith Freehills; Lawrence Li – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: China Shipbuilding Industry Corporation (CSIC);