Appleby acted as Cayman Islands counsel to Ascendent Capital Partners (ACP) on its USD150 million investment in convertible bonds issued by Best Assistant Education Online (Best Assistant), an education business subsidiary of NetDragon Websoft Holdings Limited (NetDragon), and warrants issued by NetDragon.

The secured convertible and exchangeable bonds to be issued by Best Assistant to ACP can be converted into the ordinary shares of Best Assistant or, under certain circumstances, can be exchanged for ordinary shares of Promethean World Limited, an indirect wholly owned subsidiary of Best Assistant.

The Appleby team, led by Cayman Islands based Partner David Bulley and supported by BVI based Senior Associate Rebecca Jack, worked on the transaction with lawyers from Morrison & Foerster Hong Kong and Singapore, who acted as lead counsel to ACP.