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JunHe Advises Baidu on its Offering of US$2 Billion Zero Coupon Bonds Exchangeable into Trip.com Shares

2025.04.10

On March 12, 2025, Baidu Inc. ("Baidu ") completed its offshore offering of US$2 billion in zero coupon exchangeable bonds due in 2032. The bonds were sold in offshore transactions to non-U.S. persons under  Regulation S. The initial exchange ratio of the bonds will be 1,107.0457 Trip.com shares per $100,000 principal amount (equivalent to an initial exchange price of approximately HKD 702.13 per Trip.com share).

 

This was the first priced exchangeable bond project in 2025 and the largest exchangeable bond offering since 2021.

 

As the domestic legal counsel to the joint bookrunners, JunHe conducted the legal due diligence, assisted with the domestic regulatory approval procedures, prepared the transaction documents, and assisted Baidu in successfully issuing the exchangeable bonds. With its consistent delivery of efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was recognized by the companies and the other intermediaries.

 

Partner YU, Yongqiang (YY) led the JunHe team, and partner DENG, Lin provided support for the internal control matters.


JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.