Oliver Zhong

Zhong, Oliver

Associate


Contact
Hong Kong +852 2509 7885

39/F, Two Int’l Finance Centre
Central, Hong Kong
+852 2509 7885

ozhong@sidley.com ozhong@sidley.com

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Oliver Zhong

Associate


OLIVER ZHONG is an associate in the firm's Hong Kong office. His practice focuses on corporate finance and capital markets transactions, including Hong Kong and U.S.-registered initial public offerings and debt offerings pursuant to Rule 144A and Regulation S.

Experience

Mr. Zhong’s recent transactions include advising:

DEBT (INCLUDING EQUITY-LINKED) AND LIABILITY MANAGEMENT

  • Xinyuan Real Estate in connection with its offering of US$300 million 8.125% senior notes due 2019, including “high-yield” covenants and pursuant to Regulation S.
  • Citigroup Global Markets Limited, Guotai Junan Securities (Hong Kong) Limited, BOCI Asia Limited and Orient Securities (Hong Kong) Limited, as joint lead managers, in connection with the Regulation S offering of US$500 million principal amount of 3.125% guaranteed bonds due 2019 by Caiyun International Investment Limited. The investment-grade bonds are directly guaranteed by the issuer’s P.R.C. parent, Yunnan Metropolitan Construction Investment Group Co., Ltd., a state-owned investment and financing platform for the Yunnan provincial government.
  • The financial intermediaries in high-yield notes offerings of CAR Inc., the largest car rental company in China, namely:
    • Credit Suisse Securities (Europe) Limited, Standard Chartered Bank and CMB International Securities Limited, as joint lead managers, in connection with the Regulation S offering of US$300 million principal amount of 6% Senior Notes due 2021;
    • Credit Suisse Securities (Europe) Limited, Standard Chartered Bank and Deutsche Bank AG, Singapore Branch, as joint lead managers, in connection with the Rule 144A and Regulation S offering of US$500 million principal amount of 6.125% Senior Notes due 2020. This was the first Asian high-yield offering announced in 2015. The transaction closed in an uncommon “Blackfriars” style.
  • China Huiyuan Juice Group Limited, a leading fruit and vegetable juice producer in China, on its Regulation S offering of €200 million aggregate principal amount of 1.55% credit enhanced bonds due 2018, supported by an irrevocable standby letter of credit. The bonds are listed on the Irish Stock Exchange.
  • Tingyi (Cayman Islands) Holding Corp., a leading food and beverage producer and distributor in China, on its Regulation S offering of RMB1 billion aggregate principal amount of investment-grade 4.375% Notes due 2018.
  • Shimao Property Holdings Limited, a leading real estate developer in China, on its Regulation S offering of US$1.1 billion aggregate principal amount of 8.375% Senior Notes due 2022 (including an offering of original notes and a “tap” offering of additional notes); Regulation S offering of US$600 million principal amount of 8.125% Senior Notes due 2021; and Regulation S offering of US$800 million principal amount of 6.625% Senior Notes due 2020.
  • Kaisa Group Holdings Ltd., a Shenzhen-based real estate developer in China, on its consent solicitation in relation to four outstanding issues of high-yield notes, including Euroclear/Clearstream-settled 12.875% Senior Notes due 2017 and 10.25% Senior Notes due 2020, DTC-settled 8.875% Senior Notes due 2018 and CMU-settled (RMB-denominated) 6.875% Senior Notes due 2016.
  • CIFI Holdings (Group) Co. Ltd., a Shanghai-based real estate developer in China, on its Regulation S offering of US$400 million aggregate principal amount of 7.75% Senior Notes due 2020; Regulation S offering of US$200 million aggregate principal amount of 8.875% Senior Notes due 2019 and subsequent private placement of additional notes to a single investor; and Regulation S “tap” offering, via a syndicate of initial purchasers, and concurrent private placement, to an individual investor through its own arranger and settlement agent, of US$225 million aggregate principal amount of additional 12.25% Senior Notes due 2018.
  • Trillion Chance Limited, a subsidiary of Guangzhou R&F Properties Co., Ltd., a leading real estate developer in China, on its Regulation S offering of US$1 billion principal amount of 8.5% Senior Notes due 2019. This was the first Asian high-yield issue priced in 2014 and the only billion-dollar Asian high-yield issue in January 2014.
  • Xinyuan Real Estate Co., Ltd., a P.R.C. real estate developer with U.S. operations, on its consent solicitation regarding amendments to two outstanding issues of Senior Notes; and Regulation S offering of US$200 million principal amount of 13% Senior Notes due 2019.
  • Golden Eagle Retail Group Limited, a leading department store chain operator in China, on its Rule 144A and Regulation S offering of US$400 million principal amount of investment-grade 4.625% Senior Notes due 2023.
  • China Oil And Gas Group Limited, a national piped gas operator in China, on its Regulation S offering of US$300 million principal amount of 5% Senior Notes due 2020 and Rule 144A and Regultion S offering of US$350 million principal amount of 5.25% Senior Notes due 2018.
  • Fantasia Holdings Group Co., Limited, a real estate developer in China, on its Regulation S offering of RMB600 million principal amount of 9.5% Senior Notes due 2019 and US$200 million aggregate principal amount of 11.5% Senior Notes due 2018.
  • ENN Energy Holdings Limited, one of the largest privately-owned piped gas operators in China, on its Regulation S offering of US$500 million principal amount of zero coupon convertible bonds due 2018.
  • Caifu Holdings Limited, a subsidiary of Guangzhou R&F Properties Co., Ltd., on its Regulation S offerings of US$600 million aggregate principal amount (including an offering of original notes and a “tap” offering of additional notes) of 8.75% Senior Notes due 2020.
  • SOHO China Limited, a leading P.R.C. commercial property developer focused on central Beijing and Shanghai, on its dual-tranche, Regulation S offering of US$600 million principal amount of 5.75% Senior Notes due 2017 and US$400 million principal amount of 7.125% Senior Notes due 2022.
  • HSBC and Deutsche Bank, Singapore Branch, as joint lead managers, in connection with the Regulation S offering of US$150 million principal amount of 11.875% Senior Notes due 2017 by Sound Global Ltd., a leading water and wastewater treatment solutions provider in the P.R.C.
  • KWG Property Holdings Limited, a large-scale P.R.C. property developer with a leadership position in Guangzhou, on its Regulation S offering of US$400 million principal amount of 13.25% Senior Notes due 2017.
  • China Evergrande Group (formerly known as Evergrande Real Estate Group Limited), a leading real estate developer in China, on its RMB9.25 billion (US$1.4 billion) dual-tranche synthetic offshore Renminbi bonds which consisted of the offerings of RMB5.5 billion 7.5% Senior Notes due 2014 and RMB3.7 billion 9.25% Senior Notes due 2016. The Regulation S bonds denominated in Renminbi and settled in U.S. dollars. The deal was the largest Asian high-yield bond ever and the largest Regulation S bond since 2001.

EQUITY

  • ICBC as sole sponsor and underwriter, on Ronshine China Holdings Limited’s Regulation S Hong Kong IPO. Ronshine China is a property developer in China.
  • Sunshine 100 China Holdings Ltd, a P.R.C.-based real estate developer, on its Rule 144A and Regulation S Hong Kong IPO.
  • PanAsialum Holdings Company Limited, a P.R.C.-based aluminum products manufacturer most notably of unibody chassis of popular multimedia tablets, on its Rule 144A and Regulation S Hong Kong IPO.
  • ICBC and Guotai Junan Securities, as underwriters, in connection with the Hong Kong IPO of Tang Palace (China) Holdings Ltd, a leading restaurant group in China.
  • SouFun Holdings, Ltd., a leading real estate Internet portal based in Beijing, on its SEC-registered IPO (with ADSs) listed on the New York Stock Exchange. The IPO was a part of the disposition by the majority shareholder, Telstra International, of its controlling stake in the company. Both the IPO as well as the private placement by Telstra of its remaining shares in the company to two institutional investors closed on the same day.

Prior to joining Sidley, Mr. Zhong was a research fellow at the U.S.-Asia Law Institute, New York University School of Law. His publications have appeared in the Columbia Journal of Asian Law, Michigan Journal of Law Reform and the LBJ Journal of Public Affairs, among others.

Mr. Zhong speaks fluent English and Mandarin.