China/Hong Kong

Skadden, Arps, Slate, Meagher & Flom is advising Chinese e-commerce company JD.com Inc. on a planned U.S. initial public offering that could raise $1.5 billion. JD.com, previously known as 360buy.com, operates Jingdong Mall, China’s second-largest online shopping site after Alibaba Group Holdings Ltd.’s Taobao.com. JD.com filed a prospectus with the Securities and Exchange Commission on Jan. 30, but has not decided whether to be listed on Nasdaq or the New York Stock Exchange. Skadden Hong Kong partner Julie Gao is leading a team advising JD.com, with Zhong Lun Law Firm acting as Chinese counsel. Maples and Calder is acting as Cayman Islands counsel for the issuer. Davis Polk & Wardwell Hong Kong partner James Lin is representing underwriters BofA Merrill Lynch and UBS Securities. Commerce & Finance Law Offices is advising the banks on Chinese law. [Read full story]

Shearman & Sterling has advised a subsidiary of Harbin-based China XD Plastics Co. Ltd. on a $150 million five-year bond issue on the Singapore exchange. The specialty chemical company, which makes plastics for the automotive industry, is raising the money to pay down debt and for≠ capital expenditures and general corporate purposes. Hong Kong partner Shuang Zhao is leading the Shearman team advising China XD. Maples and Calder Hong Kong partners Greg Knowles and Richard Spooner served as British Virgin Islands counsel to the issuer. Simpson Thacher & Bartlett Hong Kong partner Leiming Chen acted for underwriters Morgan Stanley, UBS AG, Hongkong and Shanghai Banking Corp. and China Minsheng Banking Corp. Ltd.

Sidley Austin Hong Kong partners Constance Choy and Janney Chong represented Redco Properties Group Ltd. on its $111.4 million Hong Kong initial public offering. The mainland residential real estate developer sold 400 million shares at $0.32 apiece, much of which will be used to purchase land-use rights for a number of potential property projects. The remainder will go toward general corporate purposes. King & Wood Mallesons served as Chinese counsel to the company, while Appleby Hong Kong partner Judy Lee advised on Cayman Islands law. Mayer Brown JSM and Jun He Law Offices acted for joint global coordinators Industrial and Commercial Bank of China and Kingston Securities on Hong Kong and Chinese law matters, respectively.


Southeast Asia

Allen & Overy is advising a Korean-Thai-Laotian joint venture on the development, financing and construction of a $1.02 billion hydropower project in southern Laos. The Xe-Pian Xe-Namnoy Power Co. Ltd.—which was formed by Korea’s SK Engineering and Construction Co. Ltd., Korea Western Power Co. Ltd., Thailand’s Ratchaburi Electricity Genearting Holding Pcl. and Lao Holdings State Enterprise—is building a 410-megawatt power plant in Laos’ Attapue and Champasak provinces. Commercial operations are expected to start in 2019. Bangkok partner Stephen Jagg is leading the Allen & Overy team advising Xe-Pian Xe-Namnoy Power and its sponsors. Shin & Kim is serving as Korean counsel. Latham & Watkins Tokyo partner Joseph Bevash and Singapore managing partner Stephen McWilliams are representing the lenders providing financing for the project, which include Krung Thai Bank Pcl., Bank of Ayudhya Pcl., Export-Import Bank of Thailand and Thanachart Bank Pcl. Chandler and Thong-Ek Law Offices Ltd. is serving as Thai counsel to the lenders. DFDL is acting as Lao counsel to both Xe-Pian Xe-Namnoy Power and the lenders. [Read full story]

Romulo Mabanta Buenaventura Sayoc & de los Angeles is representing the Philippines’ Cebu Air Inc. on its proposed $7 million purchase of a 40 percent stake in Tigerair Philippines from Singapore-listed Tiger Airways Holdings Ltd. In addition, the two companies have agreed to jointly operate, sell and market all current and future flight routes. Partners Mark Choy and Tan Sue-Lynn of Singapore’s WongPartnership are advising Tiger Airways on Singapore law. SyCip Salazar Hernandez & Gatmaitan partner Marietta Tibayan is acting as Philippine counsel to Cebu.


Singapore

WongPartnership has advised marine vessel and equipment company Vallianz Holdings Ltd. on its establishment of a $500 million Islamic trust certificate program. Similar to bonds, the sharia-compliant trust certificates can be issued in multiple currencies and carry a yield percentage and term limit. Vallianz said it would use the money raised through issuances of the certificates to refinance existing debt, to finance future investments and for general working capital. Partners Hui Choon Yuen and Goh Gin Nee led the WongPartnership team acting for the issuer. Allen & Gledhill partners Eugene Ooi, Yeo Wico, Harold Or and Jeanne Ong represented arranger and dealer Maybank Kim Eng Securities Pte. Ltd. Christopher Lee & Ong and Slaughter and May were Malaysian and English counsel to Maybank, respectively.

Stamford Law Corp. advised Singapore-listed water company Hyflux on its $236.4 million perpetual bond issue. The notes, which carry no maturity date, will initially pay out 5.75 percent a year. The funds raised will be used for company investments, repaying debt, working capital and general corporate purposes. Partners Hui Choon Yuen and Goh Gin Nee of WongPartnership acted for sole lead arranger and bookrunner DBS Bank Ltd.


Australia

Clayton Utz is advising Australian veterinary group Greencross Ltd. on a $300 million merger with Mammoth Pet Holdings Pty. Ltd., which operates Petbarn, a pet supply store chain in Australia. Greencross will issue 52 million shares to Mammoth owners in the all-equity deal, which Greencross shareholders approved late last month. Partner Simon Truskett led the Clayton Utz team on the deal. Herbert Smith Freehills Melbourne partner Baden Furphy is acting for Mammoth.

Email: tbrennan@alm.com.