First Rmb convertible bond offering in offshore Rmb market

    November 08, 2011 | BY

    clpstaff &clp articles

    Hong Kong juice company Garden Fresh Fruit & Vegetable Beverage (Garden Fresh) has issued Rmb100 million (US$15.76 million) convertible bonds (CBs).…

    Hong Kong juice company Garden Fresh Fruit & Vegetable Beverage (Garden Fresh) has issued Rmb100 million (US$15.76 million) convertible bonds (CBs). The offering is a pre-IPO offering and is the first ever issue of CBs in the offshore Rmb market.

    Garden Fresh is a subsidiary of Sino Grandness Food Industry Group, which is listed in Singapore. It hopes to go public within three years.

    Sun Hung Kai Investment Services (Sun Hung Kai) acted as manager in this transaction and the Bank of New York Mellon was the agent. Advising Sun Hung Kai was a Hong Kong-based Simmons & Simmons team led by Paul Browne. Its Singaporean legal adviser was Chan & Goh. The Bank of New York Mellon was advised by Bingham McCutchen.

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