Business in brief

Maples advises on Xiaomi’s US$4 billion fundraising

Maples and Calder has acted as Cayman Islands counsel to China’s second-largest mobile phone maker Xiaomi in a combined sale of shares and convertible bonds.

Xiaomi raised $3.1 billion selling shares at a discount of 9.4% on the previous closing price.

The smartphone maker raised another US$855 million selling a seven-year, zero coupon convertible bond. The bonds are due in 2027 and convertible into class B ordinary shares of Xiaomi Corporation with a conversion premium of 55% above the reference share price.

The transactions, which closed on 17 Dec. 2020, raised close to $4 billion in total. It was the largest top-up funding placement on record in Hong Kong.

The Maples Group’s law firm in Hong Kong acted as Cayman Islands counsel to Xiaomi. Partner Everton Robertson, who led the team, said in a press release that despite the challenging environment the firm had been involved in a growing number of debt and equity listings on the Hong Kong Stock this year.

IQ-EQ Cayman makes senior appointments

James Bolton
Andrew Edgington

Investor services group IQ-EQ has appointed James Bolton as country delivery director and Andrew Edgington as client director for the Cayman Islands.

“As the regulatory environment in the Cayman Islands develops and compliance requirements evolve, access to on-the-ground expertise in this jurisdiction has become increasingly important,” the company said in a press release.

Bolton spent five years in Guernsey before moving to the Cayman Islands in 2014, where he has been responsible for managing trust and corporate services for established trust companies.

Edgington will be responsible for developing client relationships and growing IQ-EQ’s client base in the Cayman Islands. He has worked for 30 years in global investment banking, asset management and hedge funds.

Edgington moved to the Cayman Islands in 2008, where he has been providing specialist consultancy, management, administration, fiduciary and independent director services to investment funds and structures.

Colin Targett, managing director for IQ-EQ in Bermuda and the Cayman Islands, said, “James and Andrew have extensive industry experience and local knowledge having lived and worked in the Cayman Islands for many years, which will really help us to build our business in the region.”

Golf day raises $11,000 for IMAC scholarship fund

The Insurance Managers Association of Cayman has raised more than $11,000 for its educational scholarship fund in the organisation’s 2020 golf scramble.

Grant Thornton and Scotiabank & Trust (Cayman) Ltd, co-sponsored the event, with Grant Thornton also sponsoring a $1 million hole-in-one competition. Other sponsors included Trac Automotive, Performa, Walkers, Kerr Russell and Willis Towers Watson.

Since inception, IMACs Scholarship Fund has raised more than $4.7 million and supported 54 Caymanians pursue further education.

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