Admiralty Harbour Capital

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Thank you for visiting the Website of [Admiralty Harbour Capital Limited (“AHCL”)]. By accessing our Website (the “Website”), you agree to comply with, and acknowledge that you understand, the following terms and conditions (the “Terms”). If you do not agree to all of the Terms, you are not an authorised user and you should not use the Website. AHCL may change these Terms at any time, and your continued use of the Website after any such modifications will constitute your acceptance of any such amended Terms.
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Investment involves risk and investments may lose value. If you are considering making an investment, you are advised to obtain your own independent professional advice and to carefully consider all relevant risk factors. The prices of securities and other investments and the income from them may go down as well as up. AHCL does not guarantee the performance of any investment or investment strategy.
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The preceding Terms of use represent the entire agreement between AHCL and the user relating to the subject matter herein.
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Contact
If you have any queries in relation to these Terms please contact AHCL here.

WEBSITE PRIVACY POLICY

AHCL and its affiliates are committed to protecting and respecting your privacy. This policy (the “Privacy Policy”) sets out the basis on which any personal data we collect on our website (the “Website”) from you will be processed by us. Please read the following carefully to understand how we will treat your personal data.
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By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this Privacy Policy, please do not use this Website. Please review the Website Terms of Use learn of other terms and conditions applicable to your use of this Website.
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1. Information collection.
To provide better service to you, we may collect and process data about you which you choose to provide through the Website, for example, by sending us correspondence. Please do not provide information you do not want us to have.
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In addition, we may also collect information about you automatically through your use of the Website, for example, details of your visits and how you navigate the Website, the resources you access and your IP address.
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If you choose to provide information to us through the Website, we will generally use the information for the purpose for which it was provided. In addition, information may be used by us for the purposes of:
(a) ensuring that content from our Website is presented in the most effective manner for you and for your computer;
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(c) complying with laws and regulations applicable to us or any of our affiliates;
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(e) as otherwise permitted by law.
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We will keep the personal data we hold confidential but may provide information to:
(a) our directors, employees and affiliates;
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(c) protect the security and confidentiality of this Website and our records; and
(d) persons to whom we are required to make disclosure to comply with legal process or under applicable laws and regulations.
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We seek to use reasonable organisational, technical and administrative procedures to protect the information you provide to us. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Website and any transmission is at your own risk.
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6. Changes to our Privacy Policy.
Any changes we may make to our Privacy Policy in the future will be posted on this page We will not provide individual notice of any such changes, and such changes will be effective immediately upon posting.
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7. Data transfers.
We may hold your data on servers in Hong Kong and any other territories as we see fit from time to time. We may also transfer your data to overseas offices that we may have in the future or to any people listed in Clause 3 above, who may be located in or outside of Hong Kong.
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8. Your consent and rights.
By using our visiting our Website, you consent to the collection and use of your information and other activities as outlined in this Privacy Policy.
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Under the Hong Kong Personal Data (Privacy) Ordinance (the "Ordinance"), individuals have the right:
(a) to check whether we hold personal data about you and to access such data;
(b) to require us to correct as soon as reasonably practicable any data relating to you that is inaccurate;
(c) to ascertain our policies and practices in relation to personal data and the kind of personal data held by us; and
(d) to object to the use of your personal data for marketing purposes and we shall not use your personal data for marketing purposes after you communicate your objection to us.
You may exercise your opt-out right by notifying us if you wish to object to the use of your personal data for direct marketing purposes. Please contact us with requests for such objections, access to data, correction of data, information regarding policies and practices and kinds of data held, questions or complaints here.
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9. Governing law and jurisdiction.
Nothing in this Privacy Policy shall limit the rights of the data subject under the Ordinance. This Privacy Policy shall be governed by the laws of the Hong Kong Special Administrative Region. You submit to the exclusive jurisdiction of the Hong Kong courts with respect to any and all matters arising out of or in connection with this Privacy Policy.

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Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.

Admiralty Harbour completes the Exchange Offer and Consent Solicitation for Yida China

Mar 2020

The first successful distressed exchange offer of a Chinese developer's USD Senior Notes

On 27 March 2020, Yida China Holdings Limited (3639.HK, "Yida" or the "Company") completed the Exchange Offer and Consent Solicitation (the "Transaction”) of its US$300m 6.95% guaranteed senior notes due April 2020 (the "Existing Notes"). Admiralty Harbour acted as the sole Dealer Manager of the Transaction. This is another success of Admiralty Harbour in China Minsheng Investment Group (“CMIG”) offshore liabilities managements, following the consent solicitation of CMIG's US$500m 3.8% senior notes maturity extension in Sep 2019.

This Transaction marks the first distressed exchange offer of a Chinese developer and set a new paradigm of resolving corporate debt problem with capital market toolkits.

Since 2019, Yida had experienced rounds of credit rating downgrades by S&P, Moody’s and Fitch due to various factors. In early 2020, the epidemic of COVID-19 and global capital markets turmoil made refinancing even more challenging. Yida was struggling to solve the US$300m senior notes due Aril 2020.

Admiralty Harbour collaborated with Yida towards an innovative transaction structure which achieved balance between the Company and noteholders. The minimum acceptance threshold of 75% and the unconditional threshold of 90% were strategically set to align the interests of Company and investors. Exchange consideration comprised of an upfront cash repayment and new senior notes due 2022 puttable in Mar 2021 (the “New Notes”). Exchange on par without principal haircut and credit enhancement measures provide investors sufficient protection. Commercial terms were improved and covenants were tightened on the New Notes to make New Notes significantly more attractive, with the inclusion of a put option, which demonstrates the Company’s sincerity and encourages exchange participation.

Admiralty Harbour assisted Yida for efficient and effective negotiations with most major noteholders during offer period and achieved remarkable final acceptance rate of over 82% from 93 accounts. The Transaction solved the Company’s debt problem with capital market approach instead of the lengthy and tedious court restructuring process, which is win-win for both the Company and investors.

The challenges always distinguish Admiralty Harbour’s solid expertise. Admiralty Harbour is long-term partner of each our client, and is ready any time to provide help during sunny days and also rainy days.

About Yida China
Yida China Holdings Limited listed on the Main Board of Hong Kong Stock Exchange on 27^th June 2014, is an integrated enterprise principally engaged in business park development and operation, construction, property management services, etc. As a professional business park operator, Yida has developed and operated more than 40 projects since 1998, such as Dalian Software Park, Dalian BEST City Core Area Business Park, Wuhan First City, Beijing Yida Lize Center, which converging over 80 corporate customers and business partners Global Fortune 500 enterprises included, together with our extensive experience in developing and operating business parks, forming our distinctive business model and competitive edge.

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