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.
