Appleby acted as Bermuda counsel to China Everbright Water Limited ("China Everbright Water") in the issuance of asset-backed securities (the "ABS Issue") by a wholly-owned subsidiary. The securities were targeted at qualified investors in mainland China pursuant to an asset-backed products scheme (the "Scheme").
China Everbright Water had obtained approval from the Shenzhen Stock Exchange for the ABS Issue. It was noted that Orient Minerva Asset Management Co., Ltd. would be the manager of the Scheme, and the principal amount of the ABS Issue was expected to be up to RMB2 billion.
China Everbright Water is an environmental protection company focusing on water environment management. It is currently dual listed on the Mainboard of Singapore Exchange Securities Trading Limited and the Main Board of The Stock Exchange of Hong Kong Limited, with its direct controlling shareholder being China Everbright Environment Group Limited.
Led by Hong Kong Partner Judy Lee, Appleby provided Bermuda legal opinion for China Everbright Water to expand its funding avenues.
Judy commented, "We are delighted to have supported China Everbright Water in expanding their business over the years, from listing, issuance of Medium-term Notes to issuance of asset-backed securities. This reaffirms the trust and confidence that our client has placed in the team."
Our Capital Markets practice is highly regarded in the industry and represents a key component of our operations in Hong Kong. Our team consistently advises issuers from Cayman Islands, Bermuda, and British Virgin Islands in the Asia Pacific region on fundraising through different types of debt and note instruments.