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Bond Market News
Kaisa Begins Consent Solicitation for Its Dollar Bonds
December 3, 2025
Kaisa Group has commenced its consent solicitation process for amendments to its offshore restructured notes, which had received creditor approval on 15 September. The consent process began on December 2 and will run until December 17, unless extended. For the proposed amendments to take effect and for consent fees to be paid, the company must receive valid consents from at least 75% of eligible holders in each note series. The consent solicitation aims to allow the company to pay the minimum cash interest due on its dollar bonds on the payment dates of 28 December 2025, 28 June 2026 and 28 December 2026 in shares instead of cash. This includes issuing:
- 366mn shares for the December 2025 interest payment (≈ 3.86% of enlarged share capital)
- 740mn shares for June 2026 (≈ 7.5% of enlarged share capital)
- 760mn shares for December 2026 (≈ 7.7% of enlarged share capital)
The share-based interest payments are priced at HKD 0.50 per share, representing a 313% premium to the previous day’s closing price of HKD 0.12.
Its dollar bonds continue to trade at deeply distressed levels of 2-4 cents on the dollar.
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