Linklaters has advised the bookrunners on the offering by Zijin Mining Group Co., Ltd. (Zijin Mining) of US$1.5bn zero-coupon H-share convertible bonds, issued through its wholly owned subsidiary, Jinkai Investment Holdings Limited, and guaranteed by Zijin Mining.
The bonds are zero-coupon and feature a negative-yield structure with an issue price at a premium and redemption at par. This transaction makes Zijin Mining the first mining-sector issuer in Asia-Pacific to achieve a negative-yield convertible bond. With an issuance size of US$1.5bn, it also represents, at the time of pricing, the largest convertible bond offering globally so far in 2026.
The transaction was led by capital markets partner Taiki Ki, with support from Jun Tang, Yiyi Wu and Chengyi Xu.
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