Case StudyChina Cinda
China Cinda Finance (2014) II Limited listed on 8 June 2015, representing the first time that the Exchange had admitted an issuer with an ultimate parent company domiciled in China.
China Cinda Asset Management Co. Ltd, the issuer's ultimate parent, was incorporated in Beijing, China in 1999 and listed on the Hong Kong Stock Exchange (HKEx) in 2013. It is an asset management company specialising in the acquisition, management and disposal of distressed assets.
The listing on TISE comprises three series of notes with an aggregate principal amount of US$500 million which have been issued by China Cinda Finance (2014) II Limited. The notes were sold to investors such as life insurance companies, securities firms and asset managers.
The issuer's immediate parent is China Cinda (HK) Holdings Company Limited, which is incorporated in Hong Kong, and acting as guarantor.
There is additional credit enhancement offered by the issuer’s ultimate parent, China Cinda Asset Management Co. Ltd which engages in the management and disposal of non-performing assets and has drawn strong support from Chinese and foreign investors seeking an opportunity to buy into China’s growing economy.
The Hong Kong office of Mourant Ozannes worked with their counterparts at King & Wood Mallesons and Davis Polk & Wardell LLP to complete the transaction.
“Mourant Ozannes is delighted to have played a part in bringing this unique listing to the Channel Islands. The client required a listing to open up its scope of potential investors and TISE was chosen due to the fact that it offers competitiveness on cost and flexibility of approach within a well regulated environment.
“The teams we have worked with on this transaction have all been very happy with how it progressed and we are already speaking to other parties in the region who are looking to follow suit."
Managing Partner of Mourant Ozannes in Hong Kong
“We are an international exchange and keen to welcome business from all over the globe. Given the Channel Islands’ progress in Asia over recent years this is a significant milestone for us at the Exchange, where we are always open to new ideas and structures, including quality listings originating from markets such as this.
“The China Cinda group of companies represent a very large and well respected financial institution so it is extremely pleasing that they have chosen to list these debt instruments on TISE. It is always good to receive positive feedback from clients and we are excited about the potential pipeline of work to come from other parties in the Asian marketplace in the future."
Fiona Le Poidevin
CEO of TISE