Greater China Capital Markets – Equity Offerings
** Counsel to the underwriter(s)
*** Counsel to the selling shareholder
#Counsel to the initial purchaser
Greater China M&A
- Alibaba Group - $25 billion U.S. IPO, 2014**
The largest IPO ever globally - Bank of China - $11.29 billion Hong Kong IPO, 2006*
- BeiGene, Ltd. - $903 million second primary Hong Kong listing, 2018***
The largest and among the first batch of IPOs by a biotech company under the new Hong Kong listing rules for biotech issuers, and the largest biotech company IPO worldwide in 2018 at the time - China East Education - $626 million Hong Kong IPO, 2019**
The largest IPO globally in the education sector at the time - China Re - $2 billion Hong Kong IPO, 2015**
The first Hong Kong IPO of a reinsurance company - China Tobacco International (HK) - $104 million Hong Kong IPO, 2019*
- Foxconn Interconnect Technology - $394 million Hong Kong IPO, 2017**
- Fuyao Glass - $953 million Hong Kong IPO, 2015**
- Hong Kong Electric - $3.1 billion Hong Kong IPO and spin-off from Power Assets, 2014*
- Shengjing Bank - $1.5 billion Hong Kong IPO, 2014*
- Taiwan Cement Corporation - $549 million GDR offering, 2018**
- Zhongyuan Bank - $1.19 billion Hong Kong IPO, 2017**
- Alibaba Group - $7 billion SEC-registered senior notes, 2017**; $8 billion senior unsecured notes, 2014#
The 2017 offering was the largest corporate bond issuance out of Asia in 2017. It was named “Securities Deal of the Year: Debt” by The Asian Lawyer and “Debt Market Deal of the Year” and “China Deal of the Year” by the Asian Legal Business. - C.banner International - $100 million bonds and notes, 2017*
- China Mengniu Dairy - $500 million bonds, 2019; $500 million bonds, 2018; $194.8 million zero coupon exchangeable bonds, 2017*
- China Shenhua Overseas Capital - $1.5 billion bond, 2015*
- ENN Energy - $600 million bonds, 2017; $400 million bonds, 2014*
- Suning Appliance Group - $600 million bonds, 2018-2019*
- Taikang Insurance - $800 million bonds, 2017*
- Taiwan Cement Corporation - $400 million bonds, 2018#
- Want Want China - $500 million bonds, 2017; $600 million notes, 2013*
** Counsel to the underwriter(s)
*** Counsel to the selling shareholder
#Counsel to the initial purchaser
Greater China M&A
- Booking Holdings (U.S.) in its strategic partnership with and investment in Didi Chuxing (China)
- Ant Financial’s (China) in its $14 billion Series C financing
This deal was named “Best China Deal” and “Best Financing (Early Stage to Pre-IPO)” by FinanceAsia, “Private Equity Deal of the Year” by China Law & Practice, “Private Equity Deal of the Year” by The Asian Lawyer. - C.banner International (China) in multiple transactions including its sale of 100% shares of Hamleys Global Holdings Limited (U.K.), which it previously acquired, to Reliance Brands Limited (India), a subsidiary of Reliance Industries (India)
- CIC Capital Corporation (China), as a member of a consortium led by Brookfield Infrastructure (Canada) and Brookfield Asset Management (Canada), in its acquisition of a 90% ownership interest in Nova Transportadora do Sudeste (Brazil) from Petróleo Brasileiro (Brazil) for a total consideration of $5.2 billion
- Alibaba Group’s financial advisor in its acquisition of 33% equity interest in Ant Financial in exchange for certain intellectual property rights owned by Alibaba exclusively related to Ant Financial
- CST Group (Hong Kong) in its very substantial acquisition of the mining assets of Grande Cache Coal LP (Canada) and Grande Cache Coal Corporation (Canada) and restructuring of the indebtedness of Grande Cache Coal LP
- China Three Gorges-led consortium, including Hubei Energy Group (China), ACE Investment Fund II LP (Cayman Islands) and CNIC (Hong Kong), in its $1.39 billion acquisition of Empresa de Generación Huallaga (Peru) from Odebrecht Energia del Perú (Peru) and Odebrecht Energía (Brazil)
- New World group (Hong Kong) in its share purchase agreement to acquire the entire issued share capital in FTLife Insurance Company Limited (Hong Kong) for a total consideration of $2.75 billion, subject to adjustments
- Spirit AeroSystems (U.S.) in its divestiture to Hong Kong Aircraft Engineering Company Limited (HAECO) from HAECO Composite Structures (Jinjiang) Co., Ltd., a joint venture established by Spirit AeroSystems Global Customer Support & Services, HAECO and other shareholders
- Taiwan Cement Corporation (Taiwan) in its $1.1 billion investment in Ordu Yardimlasma Kurumu (OYAK) and its privatization with TCCI (Hong Kong) of TCC International Holdings Limited (Hong Kong) by way of a scheme of arrangement
The privatization was first ever share swap between Hong Kong and Taiwan listed companies. The deal was highly commended by the FT Innovative Lawyers Report for Asia-Pacific in Legal Expertise: Managing Complexity and Scale in 2017; and named the “Most Representative M&A Deal of the Year”, “Most Innovative M&A Deal” and “Best Cross-Strait M&A Deal 2017” awards at the Mapect Taiwan M&A Awards 2017 ceremony. - Yue Xiu Enterprises’ (Hong Kong) financial adviser in its approximately $1.5 billion acquisition of Hong Kong Stock Exchange-listed Chong Hing Bank Limited using an innovative partial offer structure
- Alibaba Group’s (China) convertible loan financing in relation to its acquisition of a controlling stake in Lazada (Singapore)
- C.banner International’s (China) $136 million acquisition financing in relation to its acquisition of Ludendo Enterprises UK Limited, which owns and operates leading toy retailer brand “Hamleys”
- China Mengniu Dairy’s (China) multiple transactions including its $650 million term loan facility to finance the $1.07 billion acquisition of China Modern Dairy and its $1.7 billion multi-currency term loan facility in connection with a tender offer for all of the outstanding shares and options of Yashili International (China)
- China Power International Development Limited (Hong Kong)’s approximately $576 million rights issue to finance China Power’s acquisitions of certain clean energy assets in Mainland China (Counsel to the underwriter)
- China Three Gorges Corp.-led consortium’s $850 million credit facility in relation to its $1.39 billion acquisition of Empresa de Generación Huallaga (Peru)
- ENN Group’s (China) $250 million loan facility in relation to its acquisition of the entire issued share capital of an investment holding company, which holds 100 million ordinary shares of Santos Limited
- Pou Chen Corporation’s (Taiwan) financing in relation to its proposed $1.39 billion privatization of Pou Sheng International
- Suning.com’s (China) $1.45 billion four-year term loan facility with Industrial and Commercial Bank of China
- Taiwan Cement Corporation’s (Taiwan) $800 million loan facility to partially fund its privatization of TCC International Holdings Limited
- WuXi PharmaTech’s financing for its going-private transaction (Counsel to Ally Bridge Group Capital Partners , as part of a consortium led by Ally Bridge)
- Yue Xiu Enterprises’ $905 million bridge loan facility in connection with its partial offer for Chong Hing Bank Limited (Counsel to financial advisor to Yue Xiu)
