Linklaters advises on CIG Shanghai’s concurrent new H-share placing and convertible bond offering

Linklaters has advised the joint placing agents and managers on CIG Shanghai Co., Ltd.’s (CIG Shanghai; 603083.SH, 06166.HK) concurrent new H-share placing and Renminbi-denominated, US dollar-settled zero-coupon convertible bond offering due 2027, raising a combined US$840m equivalent.

The transaction comprises an H-share placing raising approximately HK$1.94bn and the issuance of RMB3.96bn convertible bonds. The bonds were listed on the Vienna MTF operated by the Vienna Stock Exchange on 14 October 2026 and are convertible into the company’s H shares listed on the Hong Kong Stock Exchange.

CIG Shanghai develops and manufactures optical modules which support hyperscale data centres, AI infrastructure and 5G wireless networks. The company is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. The transaction represents a significant equity and equity-linked financing in China’s technology sector, supporting the company’s continued investment in optical-module capacity to meet growing demand from data-centre and AI infrastructure.

The cross-practice Linklaters team was led by partner and Head of Greater China ECM Christine Xu, capital markets partner Taiki Ki and corporate partner Queenie Tong, with support from Lily Wang, Jun Tang, Joy Jiang and Jason Ye. A separate team led by capital markets counsel Beibei Ding, with support from Arnold Tang, advised the trustee.

With more than 50 years of on-the-ground experience in Hong Kong SAR and across Asia, Linklaters combines deep local insights with the strength of its global platform. Drawing on its integrated equity, debt and equity-linked capabilities, the firm regularly advises technology, AI and data-centre businesses on significant financings across products and jurisdictions, including recent transactions involving Z.AI, Alibaba and Shenzhen Xunce.