Cindy Kao is a partner of Mayer Brown in the Corporate and Securities team based in Hong Kong. She specialises in international securities offerings, initial public offerings and private equity investments (both debt and equity). Cindy advises underwriters and issuers with respect to securities offerings in major securities markets. Her clients include leading international investment banks and companies throughout Asia, including the PRC, Taiwan, Singapore and India.
She speaks English, Mandarin and Cantonese.
Equity Capital Market
- Advised Credit Suisse (Hong Kong) Limited as sole sponsor on the listing of SIIC Environment Holdings Ltd by way of introduction.
- Advised Haitong International Capital Limited on the Hong Kong IPO of Henan Jinma Energy Company Limited.
- Advised BOCI Asia Limited and China International Capital Corporation Hong Kong Securities Ltd. as joint sponsors and bookrunner on the listing of Flat Glass Group Co., Ltd.
- Advised CICC, CLSA, Jefferies, Haitong International and VMS Securities as joint bookrunners on a HK$1.312 billion global offering and listing of the H Shares of Shanghai La Chapelle Fashion Co., Ltd., a fast growing multi-brand fashion group in the PRC that designs, markets and sells apparel products with a focus on mass-market ladies' casual wear, on the main board of the Hong Kong Stock Exchange.
- Advised Regis Healthcare as issuer on its AU$485 million IPO on the Australian Securities Exchange and Rule 144A/Regulation S global offering. Macquarie Capital was the global co-ordinator and bookrunner.
- Advised China Metal Resources Utilization on its HK$698.8 million listing on the main board of the Hong Kong Stock Exchange and Regulation S global offering. BNP Paribas Securities is the sole sponsor and global coordinator.
- Advised Citigroup Global Markets Asia and BNP Paribas as the joint placing agents on the HK$2.23 billion (approximately US$287.5 million) top-up placing of China State Construction International.
- Advised UBS, BOCI, Daiwa, ICBC and RBS as joint bookrunners on the US$200 million initial public offering of China Outfitters, a menswear manufacturer and retailer in China.
- Advised Laidun International, a PRC-based plastic pallet manufacturer, on its pre-IPO investment by private equity fund JRE Asia Capital Investments.
- Advised UBS, Macquarie and J.P. Morgan as joint bookrunners on the US$800 million initial public offering of H shares of BBMG Corporation, a PRC state-owned enterprise with operations in cement, building materials, property development and property management sectors.
- Advised UBS and BOCI as joint bookrunners on the initial public offering of Silver Base Group, a distributor for Wuliangye Liquor and other products.
- Advised private equity funds including International Finance Corporation and SBCVC Venture Capital on pre-IPO investment in EDC China.
- Advised BNP Paribas as underwriter on the initial public offering of VMEP a motorcycle manufacturer based in Vietnam.
- Advised Polaris Securities as underwriter on a global depositary shares offering by Sunrex Technology Corp, a Taiwan keypad manufacturing company.
- Advised private equity fund manager Martin Currie on various pre-IPO and post-IPO investments in Asia.
- Advised DBS as placing agent on various pre-IPO investments in PRC companies. Investors include international institutions such as Deutsche Bank and Merrill Lynch.
Debt Capital Market
- Advised Beijing Enterprises Holdings Limited as Guarantor and Talend Yield (Euro) as Issuer on the issuance of EUR500 million 1% green bonds due 2025 .
- Advised AMTD Asset Management Ltd, Emperor Securities, GTJA and a leading global bank on the exchange offer for the 4.0% bonds due 2021, and the issuance of US$250 million 4.5% Notes due 2023 as concurrent new money issue by MTN drawdown.
- Advised China Overseas Land & Investment Ltd. on the issuance of US$500 million, 2.75% Guaranteed Notes due 2030, US200 million, 3,125% Guaranteed Notes due 2035, and US$300 million 2.375% Guaranteed Notes due 2025 as concurrent new money issue by MTN drawdown.
- Advised a subsidiary of Beijing Properties on the issuance of US$600 million 5.95% Guaranteed Bonds due 2023 guaranteed by Beijing Properties, benefit from keepwell and EIPU Beijing Enterprise Group. We also advised on the US$150 million tap issuance.
- Advised Shangrao Investment Holdings International Company on the issuance of US$500 million 4.30% fixed interest bond due 2023.
- Advised a number of Chinese financial institutions on the issuance of US dollar notes due 2021 by the affiliated entity of a leading alternative asset management company in China, with diversified business lines in real estate investment, PE and overseas investment etc., the total value of the transaction is several hundreds of millions of US dollars.
- Advised China State Construction International Holdings Limited on the issuance of US$500 million 6.0% senior guaranteed perpetual capital securities issued by China State Construction Finance (Cayman) I Limited and irrevocably and unconditionally guaranteed by China State Construction International Holdings Limited.
- Advised Anhui Provincial Investment Group Holding Co., Ltd. on its offering of US$400 million 4.875% bonds due 2021.
- Advised a wholly-owned subsidiary of Beijing Properties (Holdings) Limited, on its offering of US$250 million 9.0% Guaranteed Bonds due 2020.
- Advised China Overseas Land & Investment Limited on its US$1.5 billion guaranteed notes issuance. The notes comprise two tranches with coupon rates of 4.25% and 4.75% and due 2023 and 2028, respectively.
- Advised SOCAM Development Limited on its consent solicitation in relation to the US$200 million 6.25% bonds due 2020.
- Advised Risecomm Group Holdings Limited on the issuance of HK$100 million convertible bonds due 2020.
- Advised Beijing Enterprises Water Capital Management Holdings Limited, a subsidiary of Beijing Enterprises Water Group Limited, on its issuance of US$500 million 4.95% guaranteed notes due 2023.
- Advised SPDB International, Guotai Junan International and BOC International as joint lead managers on the issuance of US$300 million 4.25% Guaranteed Bonds due 2020 by a wholly-owned subsidiary of Hefei Industry Investment Holding (Group) Co., Ltd.
- Advised China International Capital Corporation, Société Générale Corporate & Investment Banking, China Minsheng Banking Corp., Ltd., Hong Kong Branch, SPD Bank Singapore and ICBC (Asia) as joint lead managers on Chengdu Xingcheng Investment Group Co., Ltd.’s dual-tranche issuance of €365 million 2.50% bonds due 2021 and €135 million 2.95% bonds due 2023.
- Advised Shangrao Investment Holding Group Co Ltd on the issuance of US$200 million 5.70% guaranteed bonds due 2021.
- Advised BOSC International as sole global coordinator on the issuance of US$300 million 3.80% Guaranteed Credit Enhanced Notes 2019 by SCPG Holdings Co., Ltd. benefited by an irrevocable standby letter of credit.
- Advised Shanghai Pudong Development Bank Co Ltd on the issuance of US$300 million 4.25%. guaranteed bonds due 2020 by Xinxing Industry Investment Company Limited guaranteed by Hefei Industry Investment Holding (Group) Co., Ltd.
- Advised Qinghai General Aviation Group Co., Ltd on the issuance of US$300 million 6.00% guaranteed bonds due 2018 guaranteed by Qinghai Provincial Investment Group Company Limited.
- Advised Qinghai Provincial Investment Group Company Limited on the issuance of US$300 million 6.30% bonds due 2018.
- Advised Zhongtai Securities as placing agent on the issuance of US$100m 5.8% Bonds due 2020 by Black Peony (Hong Kong) Holding Co., Limited.
- Advised a company to be listed on the HKEX Main Board on its private placement of convertible bonds before listing.
- Advised a subsidiary of Huarong Investment Stock Corporation Limited on the subscription of HK$275 million 8% extendable senior secured bonds due 2018 issued by China Tian Yuan Finance Group (Holdings) Limited.
- Advised a subsidiary of Huarong Investment Stock Corporation Limited on the subscription of HK$423 million 8% extendable senior secured bonds due 2018 issued by Brighten Path Limited.
- Advised the associated company of Jiayuan International Group Limited on the issue of US$1 billion 7.2% bonds.
- Advised SOCAM Development Limited on the issue of US$200 million 6.25% bonds due 2020.
- Advised Beijing Enterprises Holdings Limited on the issue of EUR 800 million 1.30% guaranteed bonds due 2022 by Talent Yield European Limited.
- Advised AMTD Asset Management Ltd, Bank of Communications Co., Ltd , BNP Paribas, BOC International Holdings Ltd, China Construction Bank (Asia) Corporation Limited, Emperor Securities Limited, Guotai Junan Securities (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, and a leading global bank as joint lead managers and dealers on US$200 million 5.00% Notes due 2022 and HK$800 million 4.70% Notes due 2022 issued under the US$1 billion medium term note programme by Emperor International Holdings Limited.
- Advised Beijing Properties (Holdings) Limited as guarantor on the issue of US$300 million 4.375% guaranteed bonds due 2020 by Keen Idea Global Limited.
- Advised Zhuhai Huafa Group Co. Ltd. as guarantor on the issue of US$200 million 3.5% guaranteed bonds due 2020 by Huaxing Investment Holding Company Limited.
- Advised Chengdu Xingcheng Investment Group Co. Ltd on the issuance of US$300 million 3.25% bonds due 2021.
- Advised Guotai Junan Securities (Hong Kong) Limited, Bank of China Limited and CNI Securities Group Ltd. as joint global lead managers and joint bookrunners on a USD bond offering by Zhiyuan Group (BVI) Co., Ltd., a subsidiary of Jiangsu NewHeadLine Development Group Co., Ltd. on the issuance of US$100 million 6.20% guaranteed bonds due 2019.
- Advised Haitong International Securities Company Limited on the issuance of US$48 million fixed rate secured bonds and US$12 million fixed rate secured convertible bonds by China Smartpay Group Holding Limited.
- Advised Guotai Junan International, CCB International and DBS Bank Ltd. as joint lead managers and joint bookrunners on a USD bond offering by Zhiyuan Group (BVI) Co., Ltd., a subsidiary of Jiangsu NewHeadLine Development Group Co., Ltd. on the issuance of US$200 million 6.20% guaranteed bonds due 2019.
- Advised Beijing Properties (Holdings) Limited on the issuance of US$300 million 5.50% guaranteed bonds due 2018.
- Advised Citigroup, Deutsche Bank, ABCI, Barclays, China Merchants Securities (HK), CITIC Securities International, Daiwa Capital Markets and Ping An of China Securities (Hong Kong) Company Limited as joint lead managers on a RMB bond offering by Jingneng Clean Energy Investment Holdings, a subsidiary of Beijing Energy Investment Holding Co., Ltd.
- Advised Jefferies as consent solicitation agent on a consent solicitation in relation to the high yield bonds issued by China Water Property Group Limited.
- Advised China Merchants Bank on its drawdown of RMB1 billion Formosa Bonds and RMB1 billion Lion City Bonds under its US$5 billion MTN Programme. HSBC was the manager of the transactions.
- Advised DBS Bank Ltd., Guotai Junan Securities (Hong Kong) Limited, Wing Lung Bank Limited, CLSA Limited, Daiwa Capital Markets Hong Kong Limited and Hong Kong International Securities Limited as joint lead managers on a RMB800 million bond offering by Hong Kong Aviation Limited, a wholly owned subsidiary of Hong Kong Airlines International Holdings Limited, a Hong Kong based full-service network carrier, primarily focused on the PRC market.
- Advised Guotai Junan Securities (Hong Kong) Limited, ABC International and Huatai Financial as joint bookrunners on the offering of RMB600 million 5.5% bonds due 2017 by Yunnan Energy Investment (Overseas) Company Limited, a wholly owned subsidiary of Yunnan Provincial Energy Investment Group Co., Ltd. in the PRC.
- Advised Maoye International, a renowned department store chain in China, on its HK$300 million Rule 144A/Regulation S offering of high-yield bonds. Citibank, Deutsche Bank, Morgan Stanley and CITIC Securities were the joint bookrunners of this transaction.
- Advised Shunfeng Photovoltaic International Limited on its HK$2.3 billion private placement of convertible bond.
- Advised Guotai Junan Securities (Hong Kong) Limited, Qilu International Capital Limited, Nomura, Haitong International, GF Securities (Hong Kong) Brokerage Limited and Industrial Securities HK as joint bookrunners on the offering of RMB1.5 billion 6.25% senior bonds due 2017 by Qilu International Finance (BVI) Company, a wholly owned subsidiary of Qilu Securities Co., Ltd in the PRC.
- Advised Guotai Junan Securities on the RMB$600 million offering of high-yield bond offering by China Water Property Group Limited.
- Advised Industrial and Commercial Bank of China on the issuance of RMB1 billion bonds. It is the first RMB bonds issued by ICBC.
- Advised underwriters including Lehman Brothers, CLSA and DBS on several Regulation S convertible bonds and/or GDRs offerings made by Videocon Industry, an Indian consumer electronics company and Global Voice Group, a Singaporean company operating fiber networks.
- Advised SinoPac Securities on several offshore RMB bonds offered by Hong Kong and Taiwan dual-listed issuers including New Focus Auto, an automobile service provider in China, and Solargiga, a solar company in China.
- Advised SinoPac Securities and ICBC International Securities on a RMB300 million bond offered by YFY Cayman, a subsidiary of Taiwan-listed company Yuen Foong Yu Paper Manufacturing, being the first offshore RMB bond offered by a Taiwanese company.
- Advised Yuanta Core Pacific Securities as placing agent on the issue of convertible bonds by Neo Solar Power, a Taiwan solar PV manufacturing company, to strategic investor Daiwa.
- Advised Taiwan underwriters (including Chinatrust Bank, Citigroup, Goldman Sachs, Grand Cathay Securities, SG Securities, etc) or issuers (including Acer and Fubon Financial Holding) on more than 50 international securities offerings (including convertible bonds and global depositary shares) pursuant to Regulation S or Rule 144A. Issuers include companies operating in various industries such as high-technology, semiconductor, telecommunication, banking, home appliance, traditional manufacturing, wholesale, optical engineering, digital camera and optical disc industries.
- Advised Bank of Overseas Chinese on its US$427 million acquisition by Citibank.
New York University, LLM
National Taiwan University, LLB
- Hong Kong
- New York