Sidley advised Haidilao International Holding Ltd. (HKEX: 6862) (Haidilao) on its successful offering of US$600 million 2.150% notes due 2026. The debut offshore bond issue was rated BBB by both S&P and Fitch. Morgan Stanley, China International Capital Corporation, CMB International, and Credit Suisse managed the transaction.
The transaction was the first global bond offering by a Chinese catering company and achieved the lowest-ever yield among all bonds of the same tenor and rating range across the global catering industry. Haidilao is a leading and fast-growing Chinese cuisine restaurant brand focused on hot pot cuisine. According to Frost & Sullivan, Haidilao ranked first in both the overall Chinese cuisine market and the hot pot restaurant market in the P.R.C. as well as globally in terms of revenue in 2019. This transaction marked another significant milestone for Haidilao in the international capital markets since its HK IPO in September 2018, also represented by Sidley.
The Sidley team was led by partners Mengyu Lu and Oliver Zhong, with support from associates Madison Meng and Sophie Gu, legal manager Hening Zhang, China advisor Chuanwen Wang, and legal assistants Meiyi Li and Ariel Liu.