White & Case Advises IFC, AIIB and SMBC on social bond issuance by Haier Financial Services in China

Global law firm White & Case LLP has advised International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB) and Sumitomo Mitsui Banking Corporation (SMBC) on an investment of up to US$200 million in five-year social bonds issued by Haier Financial Services Co., Ltd., a first of its kind by a non-bank financial institution in China.

"This is a groundbreaking transaction, not just in terms of structure and legal techniques required, but also in terms of impact," said White & Case partner David Li, who led the Firm's deal team. "The deal sets the benchmark for further social bonds issuances and its successful delivery ensures the continuous funding of a wide variety of sustainable development programmes in underdeveloped areas in China; it also adds to our track record of advising on significant transactions in the Chinese market."

The funds raised will be used to fund more than 500 social projects in underdeveloped regions in China in areas including medical care, education, food safety, sustainable agriculture, SMEs and women entrepreneurs. The projects will contribute to the Chinese government's Common Wealth Initiative and support the United Nations Sustainable Development Goals.

The White & Case team which advised on the transaction was led by partner David Li (Beijing) and included partners Kaya Proudian (Singapore), Melody Chan (Hong Kong) and Richard Pogrel (London), and associates Cherry Zhou (Beijing) and Tiffany Lam (Hong Kong).

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