Davis Polk Advises China Cinda Asset Management Co., Ltd. on Its US$3.0 Billion Notes Offering

Davis Polk advised China Cinda Asset Management Co., Ltd. (China Cinda) in connection with the $3.0 billion Rule 144A/Regulation S notes offering by China Cinda’s wholly owned subsidiary, China Cinda Finance (2015) I Limited, consisting of $1.3 billion aggregate principal amount of its 3.125% senior notes due 2020 and $1.7 billion aggregate principal amount of its 4.250% senior notes due 2025. 

The notes were offered under a new Medium-Term Note Program established by China Cinda’s wholly owned subsidiaries, China Cinda Finance (2015) I Limited and China Cinda Finance (2015) II Limited. Pursuant to the program, the notes are guaranteed by China Cinda (HK) Holdings Company Limited and supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking from China Cinda.   

Headquartered in Beijing, China Cinda is a leading asset management company in the PRC and listed on the Hong Kong Stock Exchange. China Cinda focuses on distressed asset management and provides customized financial solutions and differentiated asset management services to its clients through the synergistic operation of its diversified business platforms. It is the first financial asset management company approved for establishment by the State Council and the leader of China’s distressed asset management industry in terms of income, profit, business scale and cash recovered.  

The Davis Polk team included corporate partners James C. Lin, Eugene C. Gregor and Paul Chow, associates Shih-Jern Liang and Yang Chu and registered foreign lawyers Bingqing Pan and Xuelin (Steve) Wang and Chengyao (Aaron) Zhou. Partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Partner Gregory S. Rowland and associate Denise Yablonovich provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.