Linklaters Advises on HK$7.75 Billion Bond Deal for Sinopec Group.
Linklaters has advised the sole lead manager on the HK$7.75 billion exchangeable bond issuance by China Petrochemical Corporation (Sinopec Group), one of the largest such offerings by a Chinese issuer in recent years.
The bonds, listed on the Hong Kong Stock Exchange, are exchangeable into H shares of China Petroleum & Chemical Corporation.
It’s one of the largest deals of its kind by a Chinese company in recent years, and an important step in Sinopec Group’s strategy to refinance its offshore debt.
The transaction stood out not just for its scale but also for the way it was structured.
Linklaters worked closely with the client to craft a tailored financing solution that met complex regulatory and market demands, highlighting the firm’s strong track record in handling equity-linked deals across the region.
The team was led by capital markets partners Hanwen Yu, Taiki Ki, and Min Fang, with support from solicitors Lily Wang and Jun Tang.
Additional expertise came from across the firm: financial regulation partner Carl Fernandes, corporate partners Roger Cheng and Donnelly Chan, and litigation counsel Michael Lamson all contributed to different aspects of the transaction.
China Petrochemical Corporation (Sinopec Group) is a state-owned energy and chemical giant based in Beijing. As one of the world’s largest integrated oil and gas companies, it operates across the full energy value chain—from exploration and refining to petrochemicals and retail. It is the parent of Sinopec Corp., the world’s largest oil refiner by capacity. Sinopec is also expanding into clean energy, including hydrogen and carbon capture, to support China’s transition to a low-carbon future.
Linklaters is a global law firm recognized for its deep expertise in banking, capital markets, mergers and acquisitions, and dispute resolution. Operating in over 21 countries, the firm advises multinational corporations, financial institutions, and governments across the world’s major financial hubs. With nearly 200 years of experience, Linklaters has built a reputation for navigating clients through complex commercial, economic, and regulatory change. The firm is also known for its leadership in innovation, diversity, and sustainability, continuing to shape the future of the legal industry.
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