Davis Polk advised the joint lead managers and joint bookrunners in connection with an issuance of $500 million Regulation S offering by Yili Holding Investment Limited of its 1.625% guaranteed bonds due 2025 guaranteed by Inner Mongolia Yili Industrial Group Co., Ltd.

Inner Mongolia Yili Industrial Group Co., Ltd. is the largest dairy company in China with a diversified and comprehensive product portfolio primarily engaging in processing, manufacturing and sale of various dairy products and healthy drinks. Their major products include liquid milk, milk beverage, milk powder, yogurt, ice cream, cheese, milk fat and packaged drinking water which are distributed in China and overseas.

The Davis Polk corporate team included partners Gerhard Radtke and Yang Chu, counsel Bingqing Pan and registered foreign lawyer Jennifer (Yujia) Jiang, Moran Zhang and Eva Xu. Associate Veronica Davis provided tax advice. The Davis Polk trustee counsel team included registered foreign lawyer Jessica Hui. Members of the Davis Polk team are based in the Hong Kong and London offices.