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Allen & Overy advises Hong Kong-listed Zhongsheng Group on its repurchase and new issue of convertible bonds

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Tsang Agnes
Agnes Tsang

Partner

Hong Kong

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Lee Lina
Lina Lee

Partner

Hong Kong

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10 June 2020

Allen & Overy has advised Zhongsheng Group Holdings Limited (Zhongsheng Group) on its issue of HKD4,560 million zero coupon convertible bonds due 2025 and repurchase of existing zero coupon convertible bonds due 2023.

The transaction involved the repurchase of existing convertible bonds in the open market and the concurrent issue of new convertible bonds to fund the repurchase, for repayment of Zhonghsheng Group’s offshore debt and offshore working capital purpose. Merrill Lynch and Morgan Stanley are the joint bookrunners.

Zhongsheng Group is a leading automobile dealership group in China, focussing on luxury and mid-to-high end automobile brands, and is listed on the Hong Kong Stock Exchange.

Partner Agnes Tsang commented: “The successful issuance was a cross-practice collaboration between experts across our equity and debt capital markets practices. This is a testament to our technical strength and ability to bring together a multi-disciplinary team for our client’s success.”

Client Relationship Partner Tess Fang added: “A&O is proud to be appointed by Zhongsheng Group for this transaction and we look forward to supporting Zhongsheng Group on its ongoing strategic developments.”

The A&O cross-practice team was co-led by partners Agnes Tsang and Lina Lee, with support from Joanna Lee, Alan Zhang, Michelle Tsang, Erica Lo and Yvonne Wong.

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