DLA Piper Advised Ping An Insurance On HKD 11.765 Billion Convertible Bond Issuance
DLA Piper advised Ping An Insurance on HKD 11.765 billion convertible bond issuance
DLA Piper has advised its long-standing client Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) on the successful issuance of HKD 11.765 billion (approximately USD 1.53 billion) in convertible bonds, marking the largest such issuance denominated in USD or HKD by a Chinese company this year.
Ping An, one of the world’s largest and most innovative insurance and financial services providers, issued zero-coupon convertible bonds due in 2030, which will be listed on the Open Market of the Frankfurt Stock Exchange and convertible into H shares listed in Hong Kong. The proceeds from this offering will be utilised to further develop Ping An’s core businesses, reinforce its capital base, support new strategic ventures in the healthcare and elderly care sectors, and for general corporate purposes.
This issuance follows DLA Piper’s earlier advisory role in Ping An’s USD 3.5 billion convertible bonds offering in July 2024, a landmark transaction recognised as “Deal of the Year” by China Business Law Journal, and notable as the largest Reg-S-only convertible bond, the largest in the insurance sector, and the first offshore convertible bond by a Chinese insurance company.
The DLA Piper team was led by Roy Chan (Senior Partner and Co-Country Managing Partner, China), Philip Lee (Head of Capital Markets, Asia Pacific and Regional Head of Financial Services Sector, Asia), and Vivian Liu (Head of Capital Market Compliance, Greater China). They were supported by Yingshi Pan (Senior Associate), Le Jing Ong (Senior Associate), Daina Wang (Consultant), and Ivy Zou (Consultant).
Roy Chan commented, “We are delighted to have supported Ping An on another milestone transaction. This issuance highlights Ping An’s strong market leadership and the increasing role of convertible bonds as a strategic financing tool in Asia.”
Vivian Liu added, “Our cross-border collaboration enabled smooth and timely execution of this complex deal, reinforcing DLA Piper’s capabilities in high-stakes transactions across jurisdictions.”
Philip Lee concluded, “This deal underpins our commitment to delivering first-class legal solutions for our financial sector clients. We’re proud to support Ping An’s continued success.”
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