Fangda has advised Zoomlion Heavy Industry Science and Technology Co., Ltd. (“Zoomlion”, stock codes: 000157.SZ, 1157.HK) on its issuance of RMB 6 billion in convertible bonds due 2031.
This transaction represents the first-ever issuance of H-share convertible bonds under a special mandate by an A+H listed company and is also the largest-ever RMB-denominated H-share convertible bond offering. The transaction follows Zoomlion's major capital market financing in 2021, where it successfully placed RMB 6.2 billion in A+H concurrent shares.
Zoomlion is a leading global enterprise in the equipment manufacturing industry and an outstanding representative of China's modern industrial system. Founded in 1992, Zoomlion has grown to become the first A+H dual-listed company in its industry. The company specializes in the research, development and manufacture of high-end equipment, including construction, mining, and agricultural machinery. It holds numerous national “single-item champion” product titles and national-level innovation platforms, with its R&D investment consistently leading the industry. In recent years, the company's globalization strategy has yielded remarkable results. Its overseas business revenue has surged from under 10% to approximately 60% of its total revenue over the past five years, establishing it as a benchmark for Chinese high-end equipment manufacturers “going global”.
Fangda has forged a long-term and strategic partnership with Zoomlion, advising it on a full spectrum of domestic and international matters in areas including equity financing, M&A, and corporate governance.
In this transaction, Fangda acted as the PRC legal counsel to the issuer. Fangda reviewed the offering circular and related transaction documents, conducted PRC legal due diligence, issued PRC legal opinions, and handled the medium- and long-term foreign debt filing and registration procedures with the National Development and Reform Commission (NDRC) and the filing procedures with the China Securities Regulatory Commission (CSRC).
The Fangda team was led by partners Jeffrey DING and Ray XU. Other team members included counsel Yuan ZHAO and associates Julia YANG, Rebecca WANG, and Oscar CHEN.
