Linklaters, Fangda Partners, and Jingtian & Gongcheng assisted on the completion of Alibaba’s offering of USD3.2 billion of zero-coupon convertible senior notes.
Set to mature in 2032, bondholders can exchange the notes for Alibaba’s American depositary shares. The net proceeds will be used for general corporate purposes, as well as strengthening Alibaba’s cloud infrastructure capabilities and international commerce business operations.
Fangda Partners acted as Alibaba’s PRC legal counsel, led by partners Jeffrey Ding and Travis Xu.
Linklaters acted as international counsel to the joint lead managers, with its team led by special senior adviser Oliver Zhong, partners Ki Taiki, Fang Min, Stephen Song, senior counsel Jonathan Gafni and counsel Christian Felton and Michael Lamson. They advised on capital markets, structured finance, US foreign investment and investigations matters.
Jingtian & Gongcheng’s lead partners Gao Xiang, Tian Mingzi and Zhang Jing advised underwriters on PRC law.
Alibaba has completed several rounds of large-scale fundraising to elevate its AI infrastructure. It has raised USD5 billion in dual-currency bonds in November 2024, followed by the issuance of HKD12 billion zero-coupon exchangeable bonds in July this year.
