Kirkland Represents Tanwan on Issuance of HK$468 Million Convertible Bonds

Kirkland & Ellis advised Tanwan Inc. (Tanwan, HKEX:9890), a leading online game products publisher in China, in connection with its issuance of HK$468 million of convertible bonds due 2027 (issuance). The issuance was announced on December 18, 2025 and completed on January 8, 2026. Deutsche Bank AG, Hong Kong Branch acted as the placing agent in respect of this transaction.

The net proceeds from the issuance will be used to accelerate Tanwan's long-term "AI+Game" strategy.

Kirkland also represented Tanwan (formerly known as ZX Inc.) on its global offering and listing on the Hong Kong Exchanges and Clearing Limited in 2023.

The Kirkland team included capital markets lawyers Mengyu Lu, Ryan Choi, Cedric Van den Borren, Serguei Chevtchenko, Sierra Tao and Jiawei Zhao.