We advised SJM Holdings and its subsidiaries on the transactions

Davis Polk advised SJM International Limited, a wholly owned subsidiary of SJM Holdings Limited, as issuer, and SJM Holdings Limited, as guarantor, in connection with a $540 million 6.500% senior notes offering due 2031, in reliance on Regulation S. The offering of the senior notes was closed on January 15, 2026.

We also advised Champion Path Holdings Limited, a wholly owned subsidiary of SJM Holdings Limited, as offeror, and SJM Holdings Limited, as parent guarantor, in connection with an offer to purchase for cash for any and all of Champion Path Holdings’ outstanding 4.500% senior notes due 2026. The offer to purchase was closed on January 16, 2026.

SJM Holdings Limited is listed on the Hong Kong Stock Exchange and, through its subsidiaries, principally engaged in the development and operations of casinos and related facilities, and hotel, catering, retail, leasing and related services in Macau. Its principal subsidiary, SJM Resorts, S.A., holds one of the six gaming concessions permitted by the Macau government to operate casino games of fortune and chance in Macau and currently operates five casinos in Macau.

The Davis Polk corporate team included partner James C. Lin, counsel Bingqing Pan and registered foreign lawyer Sean Su. All members of the Davis Polk team are based in the Hong Kong office.

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