Appleby Advises CCBI on Purchase of Convertible Bonds Issued by Pa Shun Pharmaceutical HLDG Ltd.

Appleby acted as BVI and Cayman counsel of CCB International on its purchase of convertible bonds issued by Pa Shun Pharmaceutical International Holdings Limited. CCB International purchased a consideration of US$9.28 million of Series 1 convertible bond and US$6.19 million worth of Series 2 convertible bond respectively.

CCB International (Holdings) Limited is an investment services flagship, which is indirectly and wholly owned by China Construction Bank Corporation while Pa Shun Pharmaceutical International Holding Limited is a Cayman Islands incorporated company whose shares are listed on the Hong Kong Stock Exchange (HKSE: 574).

The net proceeds from the issue of convertible bonds are approximately US$15.5 million. It is expected that the proceeds will be applied to the Group’s general working capital, business development and any future merger and acquisition transactions.

Fiona Chan, Partner in Appleby’s Hong Kong office, led the transaction with the help from paralegal Karina Li.