China (Beijing, Shanghai and Hong Kong)

• The joint lead managers in connection with the offering of USD6 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China. This marks China’s biggest U.S. dollar-denominated bond issuance on record and is the largest Reg. S offering by an Asian sovereign to-date.
• The joint lead managers in connection with the offering of EUR4bn sovereign bonds by the Ministry of Finance of the People’s Republic of China. This is China’s first Euro-denominated bond issuance in 15 years.
• The joint lead managers and joint bookrunners in connection with the offering of USD3bn sovereign bonds by the Ministry of Finance of the People’s Republic of China.
• The joint lead managers and joint bookrunners in connection with the offering of USD2bn sovereign bonds by the Ministry of Finance of the People’s Republic of China. This is the first foreign currency bond offering by the Ministry of Finance since 2004.

• The joint lead managers and joint bookrunners on the issuance of RMB5 billion (USD775 million) offshore multi-tranche RMB bonds by the People’s Government of Shenzhen Municipality of Guangdong Province of the People’s Republic of China (Shenzhen Municipal Government). This marks Shenzhen Municipal Government’s first offshore bond offering, as well as the first time a PRC municipal government issues RMB-denominated offshore bonds in Hong Kong.

• The joint global coordinators, joint lead managers, and joint bookrunners on the inaugural issuance of RMB5 billion (approximately USD695 million) offshore multi-tranche RMB bonds by Hainan People’s Government.

• In connection with its inaugural issuance of HKD-denominated tokenised* green bond. This also marks the first tokenised green bond issued by a government globally and the first use case of cash tokens issued by the Hong Kong Monetary Authority (the HKMA), which represent fiat monies claim against the HKMA, in settlement and payment in capital markets transaction.

^{*where the beneficial interests in the green bond are recorded on issue date in the tokenised securities accounts on a distributed ledger technology-based digital assets platform.}

• In connection with its USD1bn green bond issuance. This is the first issuance under the government’s HKD100bn green bond programme.

• The joint lead managers and joint bookrunners on the sustainability re-linked bond offering by Bank of China Limited, London Branch. This marks the world’s first sustainability re-linked bond issuance.
• The joint lead managers in connection with the issuance of Belt and Road Initiative-themed USD3.8bn equivalent multi-tranche and multi-currency bonds by Bank of China Limited under its USD40bn medium term note programme.

• The joint lead managers in connection with the issuance of USD6.16bn undated Additional Tier 1 capital bonds by ICBC.
• A consortium of over 50 banks acting in various capacities including as joint global coordinators, joint lead managers and joint bookrunners on ICBC’s multi-branch carbon neutrality themed green bond issuance.
• Industrial and Commercial Bank of China and The Export-Import Bank of China in relation to funding the construction of the first Expressway to Dhaka airport in Bangladesh, covered by Sinosure. The project has progressed under the Viability Gap Financing (VGF) for Public-Private Partnership (PPP) project regime in Bangladesh, and is believed by local counsel to be the first VGF transaction to go to the market. The deal won 2021 Asset Triple A Infrastructure Awards: “Bangladesh - Transport Deal of the Year”.

• The joint lead managers in connection with its issuance of significant multi-tranche environmental, social and governance (ESG) themed bonds worth a combined total of USD2.4bn approximately.

• On a successful conversion of its USD6.5 billion syndicated loan facility into a sustainability-linked loan – the largest sustainability-linked loan in Asia Pacific in 2022. This was Ant Group’s debut sustainability-linked syndicated loan, which represented the first of its kind in China’s internet sector.

• On its acquisition of a 100% stake in Alcazar Energy Partners which owns solar and wind assets in the Middle East and North Africa region, via a consortium with two other Chinese minority investors. The deal won 2022 Outbound Deal of the Year.

• On its acquisition of a 75% stake in PT DSSP Power Mas Utama, the majority owner of three independent coal power projects in Indonesia with a combined capacity of 600 MW.

• On the sale of its 19.9% interest in AusNet for AUD1.79bn by way of a scheme of arrangement.

• In relation to a project financing provided by Bank of China to for development, maintenance and operation of a 100MW solar power plant in Kaposvár, Hungary. The project is one of the largest solar plants in Hungary and CEE region.

• On the USD3.6bn acquisition of LF Logistics. Awarded M&A Deal of the Year, ALB Hong Kong Law Awards 2022.

• On its spin-off from Luye Pharma Group and separate listing of its H Shares on the HKEX.

• In the global offering and H-share listing of JL MAG Rare-Earth on the HKEX.

• On Hangzhou GreatStar’s global depositary receipts offering and listing on the SIX Swiss Exchange.

• In connection with a sensitive investigation arising out of the listing of a PRC technology company in the U.S., including on the application of new data and national security laws in APAC when responding to U.S. government investigations.

• In an investment treaty claim against the Republic of India pursuant to the 2011 Comprehensive Economic Partnership Agreement between Japan and India, and related court proceedings, in connection to certain outstanding investment incentive sums owed to Nissan by the State Government of Tamil Nadu.

On its EUR3bn transaction to acquire control of its JV with Brilliance China Automotive. We advised on the contract extension for the joint venture BMW Brilliance Automotive Ltd (BBA) and the increase of its stake in BBA from 50 percent to 75 percent. BBA becomes the first foreign-controlled passenger car OEM (including ICE vehicles) in China.

• On the disposal of a special purpose vehicle which holds a parcel of land in the Kai Tak Area, valued at USD885m, to HKSE-listed property developer Wheelock & Company.