Simmons & Simmons has advised manager Sun Hung Kai Investment Services Limited on an RMB 100 million convertible bond issue by Hong Kong juice company Garden Fresh Fruit & Vegetable Beverage (Garden Fresh). This is the first ever issue of convertible bonds in the offshore renminbi market.
The convertible bond offering is a pre-IPO offering, which the issuer hopes to complete within three years. Garden Fresh is a subsidiary of Singapore listed Sino Grandness Food Industry Group.
The Simmons & Simmons team was led by Financial Markets partnerPaul Browne in the Hong Kong office, assisted by managing associate Rossina Petrova.
Commenting on the transaction, Paul Browne said: ‘‘This groundbreaking deal underlines the continued growth market for offshore renminbi and supports our firm’s continued commitment to the debt capital markets, and in particular RMB denominated capital raising.”
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