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Latham & Watkins Advises on Two Convertible Bond Issuances with a Combined Value of US$1.3 Billion

June 8, 2020
Latham’s capital markets team represents two US-listed Chinese companies on their global bond offerings.

Latham & Watkins represented initial purchasers Morgan Stanley, Goldman Sachs, and Bank of America on the US$800 million convertible bond issuance due 2027 (Notes) by Bilibili. Bilibili is a leading online entertainment platform for the younger generation in China, and is listed on the Nasdaq Stock Market (NASDAQ).

In addition, the firm represented initial purchasers Morgan Stanley, J.P. Morgan, Goldman Sachs, Deutsche Bank, and UBS on the US$500 million convertible bond issuance due 2026 by Huazhu Group, a leading multi-brand hotel group in China, which is listed on the NASDAQ. 

“We are delighted to advise our clients on these landmark bond issuances by two market-leading China-based, US-listed companies, and to help them navigate the process during uncertain market conditions. It demonstrates the breadth of our convertible bond experience, and our ability to combine technical equity-linked expertise with cross-border capabilities,” said Posit Laohaphan, a partner in the firm’s Hong Kong office who co-led the deal team.

Hong Kong partner Allen Wang, who also co-led the team, added: “With our leading capital markets practice and over 20 years of experience in China, coupled with our in-depth securities law expertise and regional knowledge, we are pleased to have supported our clients on these important offerings.” 

The Latham & Watkins team on the Bilibili offering was led by Hong Kong partners Posit Laohaphan and Allen Wang, with New York partner Reza Mojtabaee-Zamani and associates Eric Yiu and Christine Lo in Hong Kong and associate Polina Tulupova in New York.

The Latham & Watkins team on the Huazhu offering was led by Hong Kong partners Posit Laohaphan and Allen Wang, with New York partner Reza Mojtabaee-Zamani and counsel Louis Rabinowitz and associates Eric Yiu and Christine Lo in Hong Kong and associate Polina Tulupova in New York.