Ogier advises Midea on landmark HK$17.25 billion dual-tranche convertible bonds issuance

Ogier in Hong Kong acted as BVI counsel to Midea Investment Development Company Limited on its successful dual-tranche zero coupon guaranteed convertible bonds issuance, one of the most significant convertible bond offerings by a leading Chinese technology company in recent years. 

Each tranche represented an aggregate principal amount of HK$8.624 billion. The bonds have been listed on the Vienna MTF market of the Vienna Stock Exchange.

Midea Investment Development Company Limited is an offshore subsidiary of HKEX-listed Midea Group Co Ltd. Midea Group is a leading China-incorporated global technology company specialising in the research, development and manufacturing of home appliances, HVAC systems, industrial robotics and automation solutions. 

The Ogier team was led by partner Cecilia Li, with support from the firm's global head of Corporate Nathan Powell, associate Kingston Tang, legal manager Jasmine Chan and paralegal Josie Ma. 

Cecilia said: "It was a pleasure supporting Midea, one of China’s largest and most prominent technology companies, with its dual-tranche convertible bond issuance.

“This landmark transaction, comprising two tranches with a combined aggregate principal amount exceeding seventeen billion Hong Kong dollars, facilitates the company’s plans to accelerate its global footprint. 

“We look forward to seeing Midea go from strength to strength."